Tiscali pulls out of the 3G race

date: July 13, 2001

Tiscali, in a joint statement with Hutchison Whampoa, the ultimate controlling shareholder of Hutchison 3G Italia (H3G Italy), announced today that it has decided to pass on an option to acquire a bigger stake in Hutchison 3G.

Tiscali said it would not buy 25.2 percent into Hutchison 3G on Thursday and will retain 0.3percent stake in H3G Italy.

"We have been among the first promoters and supporters of the UMTS in Italy and we strongly believe in H3G Italy's project. H3G Italy has already demonstrated the ability to reach important goals, both for the importance of the project on a European level, and for the capacity to maximize the return of investments," said Renato Soru, President of Tiscali.

Hutchison 3G investments are expected to total around US$17.4 billion, according to Merrill Lynch. Hutchison said in late May it was on schedule to roll out its 3G in Europe in mid-2002, despite delays by other carriers

H3G Italy is the first Italian UMTS mobile multimedia operator. It is currently in the start-up phase of building its infrastructure network and plans to launch its 3rd generation initial service by mid-2002.

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