Telecom Italia moves closer to asset sale

Telecom Italia has reportedly moved closer to the sale of its mobile phone towers in Brazil and a deal could be finalised in the coming weeks.

According to Reuters, the Italian operator is looking to raise approximately €900 million from the sale, but recent reports suggest the sale is only likely to yield between €500 and €600 million.

Telecom Italia is seeking to raise funds to help boost its cash flow in a bid to compete with market leaders Telefónica, America Móvil and Oi.

The company is presently going through the motions of a €4 billion plan to cut debt and fund investments in new services.

American Tower Corporation and Cell Site Solutions are reportedly in the raise to acquire the assets, and a joint venture to acquire the entities could emerge.

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