ITALY - TLcom Capital realises investment in Netscalibur Italia

London-based venture capital fund TLcom Capital announced today that it has agreed to sell 100% of Netscalibur Italia to Infracom, a Milan-based private industrial group active in the telecommunications, information technology and mobility businesses. The transaction, expected to complete next week, values the company at EUR 27m in cash, and represents a multiple in excess of 3X the TLcom investment completed in 2003 and an IRR in excess of 40%.