Telecom Italia announces the acquisition, through its wholly owned subsidiary TLC Commercial Services S.p.A, of a 71% stake in 4G Holding S.p.A., for price of 8.4 million euro.
The transaction was cleared by the relevant competition authority.
The remaining 29% stake will continue to be held by GIR S.r.l., controlled by the current CEO of 4G Holding, Claudio Gottero, who will continue to serve in his current position to ensure operational continuity to the company under a governance agreement with TLC Commercial Services.
The acquisition of 4GH, with 200 sales points in major Italian shopping malls, will enable Telecom Italia to enhance its positioning among specialist retailers of telephone devices and broaden its countrywide presence to reach more customers.
The company's aim is to foster the diffusion of mobile broadband and provide for the rapid creation of a mass market.
Rome, 27 July 2011