Telecom Italia to sell stake in Brasil Telecom (Italy)
August 15, 2007
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Telecom Italia is close to selling its stake in Brazil's fixed and mobile operator Brasil Telecom for nearly $515 million to a group of Brazilian pension funds including Previ, Petros and Funcef. Telecom Italia currently owns 38 per cent stake in Solpart, a holding company that owns 51 per cent of Brasil Telecom. Selling the 38 per cent stake is likely to result in a net capital gain of $269 million for Telecom Italia. Meanwhile, Brasil's controlling shareholders are expected to reach an agreement on Brasil Telecom's merger with Oi (formerly called Telemar).
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