Telecom Italia (TIM) and Italian publishing group GEDI have reached an agreement to sell broadcast infrastructure and services unit Persidera for €240 million.
The buyers are infrastructure investment fund F2i and broadcasting tower operator EI Towers, both based in Italy.
TIM owns 70 per cent in Persidera, while GEDI owns the remaining 30 per cent.
The deal remains subject to approval by the competent authorities. Before closing, expected to take place in Q4 2019, Persidera will be split into two separate entities.
F2i will take over MuxCo with Persidera’s five national DTT multiplexes (TIMB 1, TIMB 2, TIMB 3, Rete A 1 and Rete A 2) and associated contracts, while EI Towers will get NetCo with its 1,250 broadcasting sites.
As a result of the operation, TIM will reduce its net debt by around €160 million, while GEDI will receive €74.5 million from the sale.
Persidera was set up in 2015 by Telecom Italia Media Broadcasting (TIMB), part of the Telecom Italia Group, and Rete A, part of the Gruppo Editoriale L’Espresso (now GEDI). It hosts DTT channels from broadcasters Discovery, Sky Italia, Viacom, De Agostini Editore, Sony, RTL and TV2000.