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Telefonica SA To Raise Stake In Telco, Holding Company Controlling Telecom Italia SpA, Up To 70%-Reuters

Tuesday, 24 Sep 2013 02:37am EDT 

Reuters reported that Telefonica SA has agreed to raise its stake in Telco, the holding company that controls Telecom Italia SpA, in a two-phase deal that will give Telefonica SA an initial 66% in Telco with no changes in voting rights. In the first phase, Telefonica SA will raise its stake from the current 46% by subscribing to a capital increase in Telco of EUR 324 million (USD 437 million), valuing the underlying Telecom Italia shares at EUR 1.09 each. In a second phase, Telefonica SA has agreed to raise its stake in Telco to 70% by subscribing to another Telco capital increase worth EUR 117 million without increasing its voting rights. Telefonica SA will have the right to increase its voting rights in Telco to up to 64.9% starting from January 2014, conditional on regulatory approvals including in Brazil and Argentina. As of the same date, Telefonica will have the right to buy all the shares in Telco. 

Company Quote

29 Oct 2014