Press release - Mediobanca launches sale of Telco

Price sensitive

Press release

 Mediobanca launches sale of Telco investment
in accordance with 2014-16 strategic plan guidance
First stake sold, at a profit of €60m

With the Telefonica-Telco deal announced yesterday, and in accordance with the guidance issued in conjunction with the 2014-16 strategic plan approved in June 2013, Mediobanca has launched the sale of its investment in Telco, at a premium and ahead of the timeframe required to wind up Telco, and improved the qualitative profile of the outstanding exposure, with the opportunity to complete the disposal with the sale of the remaining stake also at a premium.

In particular:

  • with the Telco capital increase subscribed for by Telefonica, a transaction in which Telecom Italia was valued at approx. €1.1 per share, representing a premium of 85% over current stock market prices, Mediobanca’s holding in the share capital of Telco falls from 11.6% to 7.3% (and its stake in Telecom Italia held on a look-through basis from 2.6% to 1.6%)


  • with the acquisition by Telefonica of part of the shareholders’ loan, Mediobanca has:
    • reduced its share in the shareholders’ loan by €35m (from €78m to €43m) as a result of the exchange for Telefonica shares
    • realized a gain of some €60m, to be booked to the accounts for the first quarter of the new financial year.


Milan, 24 September 2013

Last update: 15/07/2016 - 11:31