Retelit, LPTIC enter JV to form Retelit Med
Retelit has entered into a joint venture agreement with the Libyan Post Telecommunications & Information and Technology Company (LPTIC).
LPTIC indirectly holds a 14.37% share in Retelit and the two have incorporated under Italian law a new joint venture company Retelit Med, which both have a 50% share.
Under Retelit Med, the two will develop commercial opportunities and synergies in the ICT secto, particularly in the area of international services across the Mediterranean basin between Europe, Asia and Africa.
Dario Pardi, chairman of Retelit, said: “We are certainly very satisfied to have concluded this partnership with a top-standing company such as LPTIC, which we have known for a long time and with whom we see the business in the same way.
“We believe that our proposals are complementary from a geographic and offer viewpoint and therefore may be perfectly integrated into a single proposal. The international ICT sector is currently very dynamic and growing. With this agreement, we believe we can better tap into the new business and growth opportunities for Retelit.”
The board of directors for this new joint venture consists of five members. Two appointed by Retelit, two by LPTIC and Gianni Castellaneta, Italy’s former Ambassador to the US, appointed by both as chairman.
Retelit Med will focus on the international wholesale market including operators, internet service providers, OTTs, multinational customers and the captive market of Retelit Med’s shareholders. It will have a central focus on the Europe, Middle East and Africa region.
Dr. Faisel Gergab, chairman of LPTIC, said: “LPTIC is delighted to have established a new joint venture business with Retelit, which will develop the very many business synergies and commercial opportunities between the Libyan and Italian ICT markets.
“I believe this new business will be hugely successful and further strengthen the very close ties between Libya and Italy. I wish the team all the best with their future endeavours.”
Earlier this month, Retelit confirmed the acquisition of Brennercom for €52 million. The transaction is now scheduled to close in July, subject to Retelit acquiring sufficient lines of credit with leading banks.