Tiscali confirms sale of French opo - finally
Telecom Italia snaps up Liberty Surf
Tiscali has sold its French ISP business - Liberty Surf - to Telecom Italia, both companies have confirmed.
Telecom Italia is to shell out around €266m for Tiscali's 95 per cent stake in the business. Once the deal is complete, Telecom Italia will launch a public offer for the remaining 5 per cent of Liberty Surf's share capital, as required by law.
Liberty Surf in France has around 344,000 broadband punters and some 700,000 dial-up users. Last year it generated revenues of around €225m.
Tiscali is expected to use the proceeds from the sale of Liberty Surf to help pay off a €250m loan due in the summer. ®