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You are here: Home1 / News2 / Company News3 / Pirelli Broadband Solutions Sale Finalised

Pirelli Broadband Solutions Sale Finalised

Date: 30th November 2010 Author: Admin Comments: 0

Pirelli’s sale of its broadband business is a done deal. On November 29, the Italian company reported the sale of Pirelli Broadband Solutions SpA to Advanced Digital Broadcast Group has been finalised and the transaction is now completed and closed. Advanced Digital Broadcast paid approximately 25.1 million euros in cash and 400,000 listed shares, equal to approximately 7.2 per cent of its capital, for the broadband business. With regard to these shares, Pirelli & C. has undertaken a lock-up commitment for the first two months following the closing, as well as a put option for Pirelli & C. and a call option for ADB, which can be exercised within two years.

The sale of Pirelli Broadband Solutions is part of Pirelli’s stated strategy of focusing on its core tyre business. Pirelli says the business’s sale to a leading industrial company is intended to ensure the continued growth and development of Pirelli Broadband Solutions within the broadband access systems market.

 

Related News:


  • Analysts Welcome Pirelli Broadband Sale, Expect Aggressive Capital Investment

  • Pirelli Sells Broadband Business to ADB for 30 million euros

Related news:

  1. Shareholders Approve Pirelli RE Split
  2. Analysts raise Cooper target price
  3. Tyre Shares Outperforming Automotive Stock
  4. Pirelli Arranges 1.2 billion euros Credit Line
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