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Telecom Italia to buy out TI Media for EUR 25 mln

2015-02-20 08:31:00| Telecompaper Headlines

(Telecompaper) Telecom Italia has announced a full takeover of its media division, Telecom Italia Media, which has been a publicly traded company for over a decade. The buyout of TI Media, already 78 percent owned by the phone company, will cost around EUR 25 million. In a joint statement, the two companies said Telecom Italia will offer 0.66 ordinary shares and 0.47 saving shares for each share of the same category in Telecom Italia Media. Investors in the media division can exercise a withdrawal right and receive cash at market prices. The companies said they expected Telecom Italia Media to be merged into Telecom Italia by the end of the third quarter. Simplification of the group's corporate structure and reduction of expenses were given as the main reasons for the buyout.

Tags: media buy eur italia

Category:Telecommunications

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