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Telephonica buys large stake in Italian phone company

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Telephonica buys large stake in Italian phone company

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Italian phone company Telecom Italia is to sell an 18 per cent share to Telefonica and a string of joint Italian investors. Madrid based Telephonica is Europe’s second biggest telephone firm and will buy Olimpia, the investment vehicle that controls Telecom Italia’s board for 4.1 billions euros.

Telecom Italia serves around 24 million fixed line and 32 million mobile phone customers in Italy, employing over eighty thousand staff. The deal sees the group of investors not only take over Olimpia but also take a 5.6 per cent direct share of Telecom Italia.