Telecom Italia trims debt burden with Persidera sale

MILAN: Telecom Italia (TIM) has sold its majority-owned broadcasting unit, Persidera, in a 240 million euros ($270 million) deal, fulfilling a part of the heavily indebted phone company’s latest turnaround plan.

TIM and its co-investor in Persidera are selling the business, which specialises in broadcast infrastructure and services, to two Italian firms, infrastructure fund F2i and a broadcast communications firm EI Towers.

TIM owns 70 percent of Persidera and Italian publishing firm GEDI Gruppo Editoriale the rest.

The phone company said in a statement on Wednesday that the deal gave Persidera an enterprise value of 240 million euros and would reduce TIM’s net debt position by about 160 million euros.