Business Services Industry
Telecom Italia eyes acquisitions in Asia, Africa.(MERGERS AND ACQUISITIONS)
China Telecom, April, 2008
Italy-based telecom operator Telecom Italia announced that it is eying acquisition opportunities in Africa and Asia to expand its business.
However, the company would not make acquisitions in areas where its 10 percent stakeholder, Telefonica SA, currently operates. Telecom Italia said that it is planning to expand in Turkey, India, and South Africa. In China, Telefonica has a 5 percent stake in the China Netcom Group.
TI will make the payments for new buyouts in cash as well as shares. This new strategy by TI reflects its intent to improve its struggling business.
Company chief Franco Bernab recently presented a three-year plan for reviving the telecom operator's sagging fortunes.
TI has been plagued by its hefty debt burden and...
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