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.