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Telecom Italia Sells Digital Advertising Agency
Published on:
Telecom Italia has sold its subsidiary Matrix to Libero, controlled by Weather Investment, on the basis of an enterprise value of EUR88 million.
Matrix, with its Virgilio portal, is one of Italy's leading digital advertising players at local and national level. It also operates in the directory assistance market with the '1254' service. In 2011 the company reported revenues of EUR96 million and currently has roughly 280 employees.
The company said that the sale of Matrix will contribute to achieving the Group's objective of reducing net indebtedness for the year 2012.
Tags: [telecom italia] [Italy]
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