BT jettisons Italian broadband subsidiary

published 5 April 2012

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.