Telecom Italia and Tiscali have signed an agreement to purchase Tiscali's 95 percent stake in Liberty Surf . The price agreed is approximately EUR 266 million, valuing 100 percent of Liberty Surf at EUR 280 million. Once the transaction is finalized, Telecom Italia will launch a public offer for the remaining 5 percent of Liberty Surf 's share capital, as required by law. Finalization of the transaction is conditional on approval by the French antitrust authorities. Liberty Surf, internet service provider in France, has nationwide presence. Through its own network infrastructure it provides internet services to 344,000 broadband customers and approximately 700,000 narrowband customers (of which 448,000 retail). The company's 2004 revenues totalled approximately EUR 225 million.
