The Spanish operator Telefonica, a Telecom Italia shareholder with a 46,18% stake in Telco, concluded a $743 million financing deal to take over the network infrastructure from Nokia Solutions and Networks of the Nokia group.
According to Telefonica itself, this is the second agreement of this type after one concluded in 2011. In view of the expiry of the shareholders' agreement of Telco (Telecom Italia's largest holding company), new scenarios have opened up regarding the future structure of the former monopolist who needs fresh capital to revive the business. Among these, also the hypothesis that Telefonica acquires the shares of the other shareholders of Telco.
Telco, which holds 22,4% of Telecom, is also owned by Intesa Sanpaolo (11,62%), Mediobanca (11,62%) and Generali (30,58%).
The Telco syndicate agreement expires in February 2015, but allows the shareholders to exit the capital by March 2014, announcing the decision by the end of September 2013. The credit line has been granted by BBVA, Santander and Barclays.
