Verizon has released a 17.45% stake in Stet Hellas, a Greek GSM operator, to Telecom Italia Mobile of Italy. TIM is purchasing the shares for E108 million.
TIM already holds a near-64% share of Stet Hellas through its subsidiary TIM International, and this recent acquisition will help the Italian company to cement its place in the Greek market. Stet Hellas’ networks have been operating since 1993.
Telecom Italian, TIM’s parent company, is in the midst of an international consolidation drive, and has started by strengthening its position in the Mediterranean and Latin America by strategically either buying or selling shareholdings. These moves are being reiterated throughout the company and its subsidiaries.