Alcatel and Pirelli agree submarine asset deal

7 May 2004

French vendor Alcatel has signed an agreement with Italy’s Pirelli group to swap a 5% shareholding in its submarine business in exchange for Pirelli’s own ‘relevant submarine telecoms assets’ and ‘enlarged intellectual property rights’. Alcatel will pay Pirelli EUR52.5 million in addition to the transfer of the shares. The French company has laid more than 450,000km of submarine cable, connecting every continent in the world.