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Finsiel: agreement with the Ministry of Economy and Finance for the sale of Sogei

07/01/2002 - 08:40 PM

Finsiel (Telecom Italia Group) has reached an agreement with the Ministry of Economy and Finance for the sale of 100% of SOGEI’s capital.
The SOGEI sale price, for which Mediobanca S.p.A., in its role of advisor, has given its fairness opinion, is about 36 million euros,  after the special distribution of reserves worth about 25 million euros.

As a result of this operation the Telecom Italia Group will achieve, at a consolidated level, capital gains of 16 million euros, with an estimated financial benefit of about 201 million euros, with reference to  SOGEI’s financial indebtedness, amounting to 140 million euros on 26 June 2002.

The operation, which has followed the guidelines of the Joint Committee on Registration and Taxation, is subject to approval by the State Audit Court.