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Telecom Italia to sell digital-terrestrial broadcasting outfit

Telecom Italia (TIM) and GEDI Gruppo Editoriale have agreed to sell digital-terrestrial broadcasting outfit Persidera to F2i and EI Towers for an enterprise value of €240 million.

TIM owns a 70% stake in the broadcasting company, and GEDI Gruppo Editoriale holds 30%. Under the terms of the deal, which is subject to regulatory approval, Persidera will be split nto two separate entities before closing, expected to take place in the last quarter of 2019,

One of the demerged entities will continue to hold Persidera’s five digital terrestrial frequencies and associated revenue-earning contracts and staff, while the other will absorb all the network infrastructure and associated staff.

F2i will acquire the entire share capital of the new Persidera while EI Towers will acquire 100% of the new network infrastructure company.

TIM said that the sale was consistent with the new industrial plan announced to market in February and was part of the wider process of streamlining the company’s portfolio and focusing on its core business. The telco said that the agreement is also consistent with TIM and GEDI’s plan to enhance and extract value from Persidera since they created their partnership in 2015 by integrating their respective television frequencies and associated assets.