MILAN (Reuters) – Telecom operators Tiscali and Linkem Retail, a unit of private broadband group Linkem, have agreed to merge in a deal that would create Italy’s fifth-largest telecom operator, the companies said on Thursday.
As part of the planned transaction, Linkem will receive 5.0975 shares of Tiscali stock for every €1 of capital it holds in Linkem Retail. In a statement, they said, Linkem, upon completion, would become the largest investor in Tiscali, with a 62% stake.
The transaction is expected to be completed by the first half of next year.
(Reporting by Giulio Biovacari; Editing by Maria Pia Quaglia)