Italtel accepts PSC Partecipazioni’s bid to re-launch company

Italtel’s board accepted on Monday a bid by PSC Partecipazioni to acquire 100% of the group for 44 million euros ($54.09 million) and re-launch the company, the Italian telecoms equipment supplier said in a statement.

“PSC’s proposal was considered the best in light of the business plan… and the financing which ensures equilibrium and solidity for the short-medium term,” Italtel said, adding that PSC would also provide a further investment of 30 million euros.

Italtel had filed for debt restructuring in April. Its majority shareholder, IT company Exprivia, with an 81% stake, had also submitted a binding offer of 20 million euros through a capital increase and a further 13 million euros in tax credits. Reuters