TIM (Telecom Italia Group) has reached an agreement with Verizon for the acquisition of 17.45% of the Greek GSM operator Stet Hellas. 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.
The transaction price is about US$110 million and TIM now holds 81.4% of the Greece based operator.
With today's acquisition, TIM becomes the sole industrial as well as strategic shareholder. TIM said that the initiative forms part of it's strategy for the rationalization of its international operations.'"
Posted to the site on 5th August 2002
Posted to: www.cellular-news.com/story/7317.php