Tiscali to sell Nordic subsidiaries

16 Feb 2004

Internet service provider Tiscali has said that it will focus its operations on five ‘key’ European markets – Italy, the UK, France, Germany and the Benelux – and will sell its subsidiaries in a number of other countries. Speaking at a conference to discuss the company’s 2003 financial results, CEO Renato Suro told reporters that the company did not have the financial security to go on supporting its operations in Norway, Switzerland, Sweden, Denmark and Finland, and would be looking to sell its units in these countries for between EUR50 million and EUR100 million. In contrast to earlier reports in the press, Tiscali said it would not be looking to sell its South African internet arm, which in 2003 contributed around 3% of its total revenues of EUR919.7 million. Renato said its five ‘core’ markets together accounted for approximately 80% of revenues and 90% of broadband subscribers.

Italy, Tiscali