Cleary Gottlieb is representing Telecom Italia in the acquisition of Tiscali’s controlling interest (approximately 95%) in Liberty Surf Group, a French company listed on Eurolist, for approximately €250 million. The closing of the transaction is subject to approval by French antitrust authorities.
Once the transaction is finalized, Telecom Italia will launch a mandatory tender offer (garantie de cours) on the remaining 5% of Liberty Surf Group’s share capital.
Liberty Surf is a leading Internet service provider in France, providing Internet access to approximately 344,000 broadband customers and approximately 700,000 dial-up customers.