Clessidra loses out on Telecom Italia
Italian private equity house Clessidra has lost out on national television network Telecom Italia as the company entered into exclusive talks with media firm Cairo Communication, according to reports.
While Clessidra had made an offer of €450m for the entirety of Telecom Italia, comprising €300m of equity and €150m of debt, the preferred bidder will acquire the group's La7 network only. The firm's 51% stake in MTV Italia and its own multiplex platform will not be part of the deal.
Cairo Communication, owned by Torino football club chairman Urbano Cairo, has two weeks to finalise the terms of the acquisition.
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