BT jettisons Italian broadband subsidiary
BT Italia, a subsidiary of UK telecoms titan BT, has sold its entire stake in consumer-focused broadband Internet service provider NGI, allowing it to focus on its core corporate and public sector customer base.
BT Italia, a subsidiary of UK telecoms titan BT, has sold its entire stake in consumer-focused broadband Internet service provider NGI, allowing it to focus on its core corporate and public sector customer base.
Cometa, a company owned by the current Chief Executive Officer of NGI, Luca Spada, and Gruppo Elmec, a company which has operated in the information technology sector in Italy since 1971, have snapped up BT Italia's 96.18% stake in NGI.
The audited gross assets of NGI were €21.4m as at March 31st 2011; small change to a company of BT's size, as reflected in the static share price of BT following the announcement.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
JH
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Is property investment still as safe as houses? Why golden era could be over
The golden era of property is over and investors are better off in the stock market, new research suggests
-
What Santander’s takeover of TSB means for customers
Santander is set to buy rival TSB for £2.65 billion. What does it mean for customers, and could we see the TSB brand disappear from the high street?