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Telecom Italia plans sale of Telecom Argentina, other assets
November 7, 2013 / 5:52 PM / 4 years ago

Telecom Italia plans sale of Telecom Argentina, other assets

MILAN (Reuters) - Telecom Italia announced on Thursday a string of assets sales and other extraordinary measures aimed at boosting its finances by around 4 billion euros ($5.35 billion) to concentrate on its operations in Italy and Brazil.

A man uses a Telecom Italia phone booth at a bus stop in Rome December 3, 2008. REUTERS/Chris Helgren

Italy’s biggest telecoms operator, which is in the middle of a strategy shift after the departure of former chairman Franco Bernabe, said it was planning to sell Telecom Argentina, adding it had received an unsolicited offer for the unit.

The group also said it was planning to lease more than 17,000 towers it owns in Italy and Brazil and sell Italian multiplex platforms, aiming to reap more than 2 billion euros from these deals.

Included in the plan, was the issuance of a convertible bond of up to 1.3 billion euros, announced earlier on Thursday. ($1 = 0.7472 euros)

Reporting by Lisa Jucca; editing by Agnieszka Flak

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