27 June 2002 - The Board of Directors of Telecom Italia and Olivetti, have today, approved the acquisition by IT Telecom S.p.A (100% owned by Telecom Italia) of Olivetti's 50% stake in the Webegg S.p.A. The price of the transaction amounts to €57.5 million and was agreed on the basis of independent evaluations carried out by KPMG Corporate Finance for Telecom Italia and by UBM for Olivetti.
The Webegg Group is a Web Consulting company offering its own solutions as well as those deriving from partnerships with the world’s leading web solutions companies.
This move will allow for integration of Webegg's specific strategic expertise with current Telecom Italia Group Information Technology unit resources, and will enable the setup of skills centres able to offer services to the Telecom Italia Group and to the marketplace.
Following this operation, Webegg will be owned by IT Telecom (69.8%) and Finsiel (30.2%).