Transfer of 38% of Solpart (the holding which controls Brasil Telecom) to newco Brasilco S.r.l. completed today
Telecom Italia today finalized the transfer of its 38% stake, held through subsidiary Telecom Italia International, in Solpart (the holding which controls Brasil Telecom) to Brasilco S.r.l, a newco held by an English law Trust. This follows its approval by ANATEL on 18 October 2006.
With this operation, Telecom Italia has ceded ownership of the Solpart stake (while remaining its beneficiary) and the relative governance rights, resolving the mobile and long distance licence overlaps between Tim Brasil and Brasil Telecom to the benefit of all parties involved, including Brasil Telecom and its shareholders.
Milan, 27 October 2006