Anatel to review Telefonica’s Telecom Italia deal

18 Oct 2007

Brazil’s telecoms watchdog Anatel says it plans to examine Telefonica’s acquisition of a controlling stake in Italy’s Telecom Italia on 23 October, according to a statement on the regulator’s website. The Spanish telecoms giant is heading up a group which includes Italian investors, looking to purchase 18% of Telecom Italia from Pirelli by 15 November. The transaction is to be conducted through its holding company Telco, which will end up owning 23.6% of Telecom Italia. The Brazilian authorities must approve the deal however, given that Telefonica owns a 50% equity stake in Brazil’s leading mobile operator by subscribers, Vivo, and Telecom Italia owns number two player TIM Brasil.