Telecom Italia announces the sale of 70% of the share capital of Elettra to the France Télécom Group on the basis of an enterprise value of 20 million Euros.
The sale of Elettra, today owning two ships and specialising in the laying and maintenance of submarine cables for the TLC industry, is in line with the reorganisation of the investment portfolio and the refocusing on the Group’s core business. By these means at the beginning of September Elettra had completed the sale to Acergy International Ltd of Pertinacia, the ship dedicated to flex lay and subsea construction operating in the oil and gas sector.
At the same time, France Télécom has acquired the remaining 30% of Elettra from F.T.T. Investments B.V.
Mediobanca acted as financial advisor to Telecom Italia in this transaction.
Rome, 30 September 2010