Red Eléctrica sells Albura to T-Online
30 June 2005 |
The transaction amounts to Euros 61.5 millions
Red Eléctrica de España signed today an Agreement to sell 100% of its subsidiary, Red Eléctrica Telecomunicaciones, to T-Online Internacional (Deutsche Telekom Group). The transaction, which amounted to Euros 61.5 million, enclosed the subsidiary debt.
Red Eléctrica de España has signed also an Agreement that allows T-Online to use for eleven years a part of its fiber optics network and infrastructure for an annual consideration of Euros five million. The said amount will be updated based on the Consumer Price Index.
Red Eléctrica Telecomunicaciones, which operates under the Albura brand, was established in 2000 and renders currently telecommunications services through a fiber optics network. Albura has available a 7,500 km high-capacity fiber optics network that not only boasts a modern infrastructure but shows a rather significant development outlook. Albura´s share of the DSL market stands currently at 40%.
After selling RET and as it had already stated early in the year, when the Strategic Plan was made public, Red Eléctrica de España efforts will be targeted on the development of its main line of business for electricity transmission and system operation.