Telecom Italia Sells Digitel Venezuela For About $425 Million

MILAN -(Dow Jones)- Telecom Italia said late Thursday it has sold its Venezuelan mobile-phone unit Digitel CA for about US$425 million to Telvenco SA.

In a statement sent to the Italian Stock Exchange, Italy's largest telecommunication company also said it expects the sale to help reduce Telecom Italia's debt by about $370 million.

Venezuelan mobile operator Telvenco is controlled by investor Oswaldo Cisneros.

-By Sabrina Cohen, Dow Jones Newswires, +39 02 5821 9906; sabrina.cohen@dowjones.com

(END) Dow Jones Newswires"

Posted to the site on 26th May 2006