ROME -- TIM (Telecom Italia Group) hereby announces that an agreement has been reached today in Turkey for the definition of the guidelines for the integration between IS TIM (ARIA) - the mobile operator owned by TIM (49%) and IsBank (51%) among the main Turkish banks - and Aycell, a GSM operator wholly owned by the fixed-line company Turk Telekom.
The agreement aims at obtaining significant operating and financial synergies through the combination of the two companies. The ability in innovation, the commercial results and the image acquired by IS TIM in just over two years will be appropriately enhanced with the speed in development of Turk Telekom's subsidiary. Both the two telecoms operators, TIM and Turk Telekom will hold 40% of shares of the new entity respectively, the remaining 20% will be held by Is Bank.
TIM will be the industrial partner, the new entity will count on an adequate network coverage and on the consolidation of the Turkish market to carry out its operations. The parties have the objective of defining details about the operations by June 30.
Telecom Italia Mobile SpA
Aycell