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Telecom Italia sells its 29% stake in Telekom Serbia

12/28/2002 - 01:00 PM

Policy to dispose of non strategic assets continues

The agreed sale price is 195 million euros

Telecom Italia announces that today it accepted a proposal from PTT Srbija for the acquisition by PTT Srbija of Telecom Italia’s 29% stake in Telekom Serbia. PTT Srbija is a public company controlled by the Serbian government, which already controls 51% of Telekom Serbia.The agreed sale price is 195 million euros (equal to the current value of the stake indicated in the Telecom Italia Group financial statements), with the payment of 120 million euros, by the closing date, which is expected to occur in April 2003, and the payment of the remaining 75 million euros by July 2008. At the same time the shares for the full price will be deposited with a main international bank, selected by the parties.The Greek company OTE, also a partner in Telekom Serbia, will be given a pre-emption right, which OTE may exercise over the next 60 working days, subject to PTT Srbija’s agreement.With this agreement, Telecom Italia continues its policy to dispose of non strategic assets.