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Rome (pte041/11.06.2003/16:06) - Telecom Italia aims to improve its budget with the sale of "New Seat", the Italian Yellow Pages service.
A consortium consisting of BC Partners, CVC Capital Partners, Investitori Associati and Permira has announced it plans to take over 61.5 per cent of the stock capital in New Seat. According to Telecom Italia http://www.telecomitalia.it , this is worth 3.74bn euros. The agreed sales price is estimated at 0.598 euros per New Seat share, which corresponds to a volume of 3.032bn euros. According to analysts, New Seat is worth 5.65bn euros. The buyers have said they would also take over the company's debts of 708m euros.
The sale of New Seat will improve Telecom Italia's financial situation by about 3.7bn euros. The deal must still await approval by the anti-trust authorities.
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