The title of Tiscali, which by mid-morning manages to gain almost 15%, posting the highest rise of the entire Italian Stock Exchange. To trigger the wave of sales on the telecommunications company is the news of a strategic agreement signed with Fastweb.
The agreement provides for two contracts, the first with the sale of the Tiscali Business branch for 45 million. Of these, 25 million are in cash and 20 million in services, which will allow Tiscali to access the Fastweb fiber network for the connection of its Fixed Wireless ultra broadband LTE network and also the connection of consumer customers.
The second contract instead makes the use of Tiscali's 3.5 GHz frequencies available to Fastweb for the development of a latest generation convergent network in the main large Italian cities for an annual fee of 2,5 million euro for the first five years. The agreement allows the two companies to strengthen their respective strategic focuses and areas of excellence.
"The agreement with Tiscali has a strategic value for Fastweb because it allows our company to be a protagonist in the development of innovative solutions and services in the fixed-mobile convergence market - commented Alberto Calcagno, CEO of Fastweb - With the availability of the 3.5 Ghz, Fastweb can start developing converging mobile services in the main cities, also thanks to the investments made in the fiber optic infrastructure”.
“We are very pleased to have concluded these agreements which have a total value of around 58 million euro for Tiscali – added Riccardo Ruggiero CEO of Tiscali -, also establishing an industrial partnership with an innovative player such as Fastweb, with whom we have identified several areas of concrete collaboration. This agreement represents above all a significant cash injection which strengthens the structure and the financial and equity condition of the Tiscali Group".
