Pirelli finalises sale of Broadband unit

ERJ staff report (DS)

Milan, Italy -- Pirelli has completed the sale of Pirelli Broadband Solutions SpA (PBS) to Advanced Digital Broadcast Group (ADB). The transaction is now completed and closed.

The amount paid by ADB consists of about 25,1 million euros in cash and 400,000 listed ADB shares, equal to approximately 7.2 percent of its capital. With regard to these shares, Pirelli & C. has undertaken a lock-up commitment for the first two months following the closing, as well as a put option for Pirelli & C. and a call option for ADB, which can be exercised within two years.

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Press release from Pirelli