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Telecom Italia: ANATEL presented with proposal for the transfer of 38% of Solpart (the holding with control of Brasil Telecom) to a Trust of new constitution

10/09/2006 - 12:00 PM

Once approved by Brazil’s telecommunications authority (ANATEL), the mobile and long distance licence overlaps between Tim Brasil and Brasil Telecom would be resolved

Mandate to JP Morgan for the sale of 38% of 
Solpart confirmed

Telecom Italia today presented ANATEL (the Brazilian telecommunications authority) with a request for the approval of the transfer of its 38% stake, held through subsidiary Telecom Italia International, in Solpart (the holding with control of Brasil Telecom) to a Newco – named Brasilco S.r.l – held by an English law Trust.

With this operation - effective once approved by ANATEL - Telecom Italia will cede ownership of the stake in Solpart (while remaining beneficiary) and the relative governance rights.

Once approved by ANATEL, the overlap of mobile and long distance licences between Tim Brasil and Brasil Telecom will be resolved, for the benefit of all the parties involved, including Brasil Telecom and its shareholders.

The Trust will be managed by Credit Suisse with the aim of selling the conferred stake to a third party, as already announced to the market. Telecom Italia has in fact already mandated JP Morgan with the disposal.

Telecom Italia International will be the sole beneficiary of the Trust and consequently of earnings deriving from the Solpart stake, including the price of its future sale.

Milan, 9 October 2006