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CEO says new cooperation opportunities for Telecom Italia, Telefonica
(M&A Navigator Via Acquire Media NewsEdge) Telecom Italia's (BIT:TIT) CEO Franco Berbanbe said today that there are new collaboration opportunities after its Spanish partner Telefonica (MCE:TEF) agreed to acquire its German unit HanseNet .
Telecommunications group Telefonica said yesterday it was buying broadband operator HanseNet for some EUR900m (USD1.34bn).
Telecom Italia and Telefonica have a plan for synergies in mature markets as there is a tight competition in South America, Bernabe explained.
As Telefonica owns indirectly shares in Telecom Italia, the two telecomms ended up controlling stakes in two competing mobile operators in Brazil, Vivo (SAO:VIVO4) and TIM (SAO:TCSL4), a situation frowned upon by Brazil's sector regulator.
Telefonica, along with Italian insurer Generali (BIT:G), banks Mediobanca (BIT:MB) and Intesa Sanpaolo (BIT:ISP) have renewed in October the shareholders pact of Telco, the company controlling Telecom Italia, for another three years. The new pact includes an exit option that could be exercised between 1 and 28 April 2011.
Country: Germany
Sector: Telecommunications
Target: HanseNet Telekommunikation GmbH
Buyer: Telefonica SA
Vendor: Telecom Italia SpA
Deal size (USD): 1.3bn
Type: Divestment
Status: Agreed
Comment: Telecom Italia CEO says more cooperation opportunities with Telefonica
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