Telecom Italia Withdraws From Spanish 3G

date: December 19, 2001 - BWCS

Telecom Italia has announced that it is to sell its 27% stake in the Spanish telecoms group Auna, which in turn holds a 97.9% stake in the 3G licensee Amena. According to the Financial Times Telecom Italia has agreed to sell its Auna shareholding for €2 billion to local investors including the Spanish bank Banco Santander Central Hispano. The move represents the latest strand in a wide ranging debt restructuring and reduction programme being implemented at Telecom Italia, following its acquisition by the Pirelli group earlier this year.

The Italian telco’s new owners have stated that they plan to raise at least €5 billion from non-core asset sales over the next two years. The company has already netted €550 million from the sale of minority interests in four satellite operators and is now turning its attention to other overseas telecoms operations.

It is widely expected that Telecom Italia will now look to divest its interests in Austria and France, which could spell the end of its 3G involvement in both markets. In Austria it holds a 25% stake in the largest GSM operator Mobilkom, while in France it owns a minority interest in the third mobile network Bouygues Telecom. While Mobilkom already holds a 3G concession, Bouygues withdrew from the first round of bidding for UMTS licences in France but is expected to take part in the forthcoming contest for the remaining two licences.

With no foreseeable improvement in economic conditions European telcos could look to review their overseas shareholdings in 2002, sparking a new round of consolidation and merger activity.

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