There is an agreement and Italtel, the historic telecommunications industrial company, passes under the control of Exprivia, a dynamic Apulian ICT company. The agreement was reached with the favorable vote of the respective boards and the closing must take place by 30 September. The agreement is part of Italtel's recapitalization plan for a total of approximately 115 million euros. Exprivia will participate in the recapitalization by investing 25 million euros against a share of 81% of the ordinary capital of Italtel, of which 64%, prior to the operation, was in the hands of the creditor banks (Unicredit, Bpm, GeCapitale and Banco Popolare) ; 3% is still in the hands of Telecom Italia which however would like to get out of it; and 33% are from Cisco.
The project will envisage the participation of the main creditor banks of Italtel through the conversion of a portion of their receivables into Equity Equity Financial Instruments and rescheduling of the residual debt at terms and conditions which are currently subject to the examination and unquestionable judgment of the competent decision-making bodies of the banks concerned.
For the financing of the operation, Exprivia expects to use resources deriving from a bond issue of 17 million euro, for which there is the involvement of a pool of three professional investors, together with other resources, for 8 million, available of normal operation.
The Italtel acquisition project is based on a strong industrial motivation - explains the press release - in line with the convergence between Information Technology and Telco which constitutes the driver of digital transformation processes. The integration between a young and dynamic company, such as Exprivia, specialized in process consultancy, technological services and Information Technology solutions, and an operator with a strong industrial connotation, such as Italtel, which boasts over 90 years of history in design, development and implementation of products and software solutions for telecommunications, represents an unprecedented subject on the national and international scene, capable of developing and proposing a wider range of products and services, in the digitization processes, capable of developing an overall turnover of approximately 600 million euros, of which at least 40% abroad, and over 3.000 employees.
