TIM (Telecom Italia Group) has reached an agreement with Verizon for the acquisition of 17.45% of the share capital of the Greek GSM operator Stet Hellas.
The initiative was carried out in the framework of the industrial strategy of the Telecom Italia Group, aimed at rationalizing its international portfolio through the strengthening of its presence in the Mediterranean Basin as well as in Latin America and the disposal of the non-strategic shareholdings.
Stet Hellas, 63.95% of whose share capital is already held by TIM - through its subsidiary TIM International NV - (62,80% in direct ordinary shares, 1,15% through ADR´s and DDR´s), has operated on the Greek market since 1993 and is listed on NASDAQ and the Amsterdam Stock Exchange.
Thanks to the effective turn-around plan implemented by its management, in recent months Stet Hellas has strengthened its market position, by increasing the customer base to about 2.3 million (at June 30), playing a leading role in innovation and achieving good financial results.
Pursuant to today's agreement, Verizon Europe Holdings II BV, a company controlled by Verizon Communications Inc., has sold to TIM International NV (TIM‘s international holding company) 17.45% of the share capital of Stet Hellas, represented by 14,520,000 ordinary shares.
The transaction price is about EUR 108 million.
With today’s acquisition, TIM becomes the sole industrial as well as strategic shareholder, thus maximising the synergies deriving from the integration of systems and applications within the TIM Group, further reduces time to market and strengthen the strategic positioning of Stet Hellas.
