17 April 2019 - 16:59Price sensitive
DETAILED REVIEW OF THE SEPARATION OF THE ACTIVITIES OF RETELIT INTO TWO COMPANIES, DEDICATED TO CUSTOMER SERVICES AND INFRASTRUCTURE UNDERWAY
The Board of Directors of Retelit S.p.A. (“Retelit” or the “Company”), meeting today, has approved an analysis and assessment of the project for the separation of activities into two companies, one dedicated to the management of fiber infrastructure and another dedicated to the customer valued-added services business unit. The two companies shall remain entirely held by Retelit S.p.A. and will derive from a reorganisation of the current assets, personnel and contracts.
The project was subject to assessment, with the support of the NCTM Legal Firm and PWC, which confirmed the operations feasibility.
The objective of this operation is to provide the company with the organisational means and the brand capable of growing both in terms of the commercial capacity of the division dedicated to services and on the other to better manage infrastructure, which is one of the most complete and important in Italy. The two activities have a significant industrial and commercial inter-relationship and, therefore, remain strictly under full control of the listed holding Retelit S.p.A.. However, the two activities are based on differing financial drivers and their separation would permit functional management focused on differing objectives.
The timing for the detailed analysis is a few months, on conclusion of which any effective implementation will be considered.
Dario Pardi, Chairman of Retelit therefore stated: “We have decided to proceed with this analysis and assessment to provide the company with an organisational model which would allow us to boost our capacity to serve better our customers and partners, in addition to highlight the different components of the Group business. This separation, also in view of the sector consolidation, would allow us to identify synergies with potential targets in the specific business areas in an easier manner”.