Ericsson has reached an understanding to sell a controlling interest in its
subsidiary Sielte Spa
Ericsson has, through its Italian subsidiary Ericsson Spa, reached an
understanding with the Italian group Sieti/Itel to sell a controlling interest
in Sielte Spa (formerly Cosir). The revenues of Sielte in 1998 amount to
approximately ITL 419 billion (216 millions of Euro).
The transaction, which is subject to approval by the Ericsson Group Board and
the Italian anti-trust authorities, involves the sale of 80 percent of
Sielte's outstanding shares and is expected to close by the end of January
1999. The sale price will be defined on the basis of the audited financial
statements at December 31 1998.
The Sieti/Itel Group is active throughout Italy, and has operated for more
than twenty-five years in the field of tele-communications network
construction.
The transaction provides for an ongoing collaboration between Ericsson and
Sielte in the field of network construction.
Ericsson is the leading provider in the new telecoms world, with
communications solutions that combine telecom and datacom technologies with
freedom of mobility for the user. With more than 100,000 employees in 140
countries, Ericsson simplifies communications for its customers - network
operators, service providers, enterprises and consumers - the world over.
Please visit Ericsson's Press Room at: ericsson.se
FOR FURTHER INFORMATION, PLEASE CONTACT
Pia Gideon, Manager External Relations,
Ericsson Corporate Communications
Phone: +46 8 719 2864 or +46 70 519 2864
E-mail: pia.gideon@lme.ericsson.se
Marino Marin, Director of Communications
Ericsson SpA
Phone: + 39 067 258 2881 or +39 33 539 6379
E-mail: teimrno@teidns1.tei.ericsson.se
Timothy Lucie-Smith, Chief Financial Officer
Ericsson SpA
Phone: +39 067 258 3183
E-mail: timothy.smith@tei.ericsson.se
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