TIM backs out of French 3G race

date: February 26, 2002

Italian mobile giant, TIM, has sold its stake in the only French incumbent not to hold a 3G license, Bouygues Telecom, back to the firm's parent group Bouygues.

TIM has sold its 19.6 per cent share in BDT, which in turn controls 55 per cent of Bouygues Telecom. The value of the deal is thought to be EUR750m. Bouygues Telecom will post a gain of EUR270m, whilst TIM will also post a gain of EUR480m on its balance sheet.

Telecom Italia has also reached an agreement with News Corp and Vivendi Universal for the sale of its 50 per cent holding in pay TV operator Stream. Essentially the deals have been conducted to make Telecom Italia's balance sheet look more positive and to help reach its debt-reduction target of EUR18.5bn by the end of this year. The company also sold off Spain's Auna for EUR1.85bn, which backs license holder Amena.

Analysts had forecast that TIM has been looking to reduce its exposure and risk from 3G by selling out of foreign investors with licenses. This move could be a strong sign of Bouygues Telecoms' intent to bid in the second round of the French license contest.

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