Agreements provide for the total amount of 960 million dollars (Il Sole 24 Ore Thomson Financial) – Milan, August 12 – November 14, 2013 The Telecom Italy ad ‘had accepted, on the night the offer to purchase the entire shareholding control stake in Telecom Argentina, Telecom Italy directly and through International, Sofora Telecomunicaciones, Nortel Inversora and Tierra Silver, made by Fintech Group for a total amount of 960 million dollars. In detail, of this amount, 859.5 million dollars will be paid for the sale of 68% of the ordinary shares of Sofora owned ‘by Telecom Italy and Italian Telecom International (750.8 million dollars), of 15,533,834 Class B shares of Telecom Argentina, equal to 1.58% of the share capital owned ‘by Tierra Silver (61.2 million dollars), of 2,351,752 American Depositary Shares, corresponding to 117,588 shares of Class B preferred Nortel, or 8% of the preferred shares of class B, owned ‘by Tierra Silver (47.5 million dollars) .Complete remaining amount of 100.5 million dollars, the note explained last November, will be’ paid compared to other agreements relating to the operation, including the provision of company ‘Argentine technical support services for a maximum duration of three years, the waiver and amendment of certain rights resulting from the shareholders’ agreement relating to Telecom Argentina, on behalf of the Group Werthein, which will remain ‘holder of 32% of the ordinary shares of Sofora, as well as’ the commitment by the buyer to pay the profit already’ set aside for dividends from Telecom Argentina, in the event of failure of the first distribution closing. Under the agreements, always explained the note last November, and ‘was obtained by a series of guarantees for the fulfillment of the contractual obligations of the purchaser, including the pledge granted by Fintech on a number of American Depositary Shares, representing shares Favorite Class B Nortel, with an average value of initial market of 100 million dollars
“The sale of the shares held by Silver and Tierra ‘planned – he wrote in November 2013 Telecom Italy – within one year current, while the sale of the shares of Sofora and ‘subject to the condition precedent of the necessary administrative authorizations. ” Fintech, to the extent that this ‘is required by applicable law, will launch’ a public offer for the remaining listed shares of Nortel and Telecom Argentina.
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(Thomson Financial) 8/14/12 8:47:44 (0111) 5 NNNN
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