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Rome (pte043/04.04.2005/16:45) - Telecom Italia Mobile's (TIM) http://www.tim.it subsidiary TIM International has signed an agreement to sell its 80.87 per cent equity stake in TIM Hellas to funds advised by Apax Partners and Texas Pacific Group. As the Wall Street Journal (WSJ) reports, the price of the transaction is just over 1 billion euros, which corresponds to an enterprise value of 1.6 billion euros for 100 per cent of TIM Hellas and its equivalent to approximately 16.43 euros a share.
As the WSJ reports, the transaction will determine a capital gain of approximately 432 million euros in TIM's consolidated financial statement. The closing of the transaction is subject to the approval by the competent authorities and is expected to occur within July 2005.
The disposal of the equity stake in TIM Hellas is consistent with the group's strategy of refocusing its international portfolio. TIM Hellas is the third largest GSM operator in Greece and has a mobile customer base of 2.3 million, revenues of approximately 840 million euros and a gross operating profit of 264 million euros.
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