Weather Acquires Italian Matrix For €88 Mln, Bishara Honorary Executive

Telecom Italia has completed on Wednesday the sale of its fully owned company Matrix to Libero, controlled by Weather Investment II S.à.r.l..

The deal will have a positive impact on the Group’s deleverage at year-end for 88 million euros.

Khaled Bishara announced through his Facebook account that he was named the honorary Chief Executive for Matrix after the completion of the takeover deal.

Matrix, with its Virgilio portal, is a company operating in the Internet sector and one of Italy’s leading digital advertising players at local and national level. It also operates in the directory assistance market with the ‘1254’ service.

The sale of the company will contribute to achieving the Group’s goal of deleverage for 2012 and represents a further step in the process of rationalization of the Group’s shareholdings and shift of focus toward its core business.