TIM to up Corporacion Digitel stake

26 Apr 2004

Telecom Italia Mobile (TIM) has agreed to acquire 1,480,562 shares of Venezuelan mobile subsidiary Corporacion Digitel, or 32.88% of the company’s share capital, currently held by minority shareholders. The agreement brings to an end a long-running, complex legal action begun in 2003, and will see TIM pay USD110 million, subject to the fulfilment of ‘contractual conditions’, through its TIM International division. Upon completion TIM will own 100% of the GSM operator which had 1.1 million lines in service as at 31 December 2003.

Venezuela, Digitel, TIM International