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Telecom Italia Sells $706M ETECSA Stake

Telecom Italia has sold its 27% share in the ETECSA to Cuban company, Rafin.

Telecom Italia has sold its 27% share in the ETECSA to Cuban company, Rafin, The Wall Street Journal reports. The buyer has paid a total of $706 million for the acquisition of the state-run Cuban group.

Rafin has already paid $500 million, with the balance due to be paid in 36 monthly installments, adds Reuters. Telecom Italia has been selling some of its operations to reduce its debt, which reached €32.99 billion at the end of September.

Click here for the story from The Wall Street Journal.

Click here for additional coverage from Reuters.

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