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Telecom Italia finalizes the transfer of its 10.36% stake in Oger Telecom to Saudi Oger for $477 million

07/03/2007 - 09:09 PM

Telecom Italia today finalized the transfer to Saudi Oger of its 10.36% stake in Oger Telecom, held through TIM International, for a total price of$477 million. The agreement also includes the removal of a Telecom Italia commitment for $150 million.

The operation will result in a reduction of approximately 470 million euro in the net financial position of Telecom Italia Group and will have a positive impact of 90 million euro on the profit and loss.

Milan, July 3, 2007