October 4, 2017 / 12:42 PM / 17 days ago

Telecom Italia kicks off sale of Persidera broadcasting unit - source

MILAN (Reuters) - Telecom Italia (TLIT.MI) on Wednesday kicked off the process to sell its majority stake in broadcasting services group Persidera, valued between 350-400 million euros, a source close to the matter told Reuters.

Telecom Italia new logo is seen at the headquarter in Rozzano neighbourhood of Milan, Italy, May 25, 2016. REUTERS/Stefano Rellandini/File Photo

“The pre-marketing is taking place today and tomorrow... and Persidera is expected to be valued between 350-400 million euros,” the source said.

The source added that Barclays, Credit Suisse and Lazard had been chosen as advisors for the sale, confirming news that was first reported by Bloomberg.

None of the companies were immediately available for comments.

French media group Vivendi (VIV.PA), which is Telecom Italia’s biggest shareholder, won EU antitrust approval in May for its plan to gain control of the Italian phone incumbent after pledging to sell Persidera.

Reporting by Giulia Segreti

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