Telecom Italia sold to Turk Telekom its 40.5% shareholding in AVEA for a total price of $ 500 million.
Telecom Italia Group is reinvesting half of the proceeds from the sale ($250 million) in the capital of Oger Telecom - in which it currently holds 13% - which, as well as 55% of Turk Telekom also controls Cell C (South Africa’s third mobile operator) and Cyberia, a leading internet provider in Saudi Arabia, the Lebanon and Jordan.
At Group level, the transaction will reduce Telecom Italia’s net financial debt by $250 million.