Telecom Italia moves closer to asset sale

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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