Italy’s largest mobile carrier, Telecom Italia, TIM, said it has sold off its majority stakes in its broadcasting subsidiary, Persidera.
The company said the sale of its stake in Persidera is to reduce its debt levels. The move is part of its turnaround plan.
TIM said in the statement that it is selling Persidera, its subsidiary providing broadcast infrastructure and services to two buyers, one is a private equity fund, F2i and broadcast communication company, EI Towers.
The sell-off is expected to fetch $270 million for its 70% shareholding while Italy’s GEDI Gruppo Editoriale is the second largest shareholder in Persidera.
TIM said the deal has now cut its debt down to 25.1 billion euros.
However, data compiled by Reuters News shows that GEDI received 74.5 million euros from the sale, though it booked a loss on the transaction of 17 million euros.