Pirelli gains Euro 30 million from sale of Broadband unit

ERJ staff report (DS)

Milan, Italy -- Pirelli & C has agreed to sell the entire capital of its 100 percent subsidiary Pirelli Broadband Solutions SpA to Advanced Digital Broadcast Holdings (ADB), a company quoted on the Swiss stock exchange.

The total consideration was agreed at approximately 30 million euros and is net of reserves of 8.6 million euros disbursed by PBS to Pirelli & C. last September. The price negotiated, which will be transferred at the closing, consists of 22 million euros in cash and 400,000 ADB shares, corresponding to approximately 7.2 percent of share capital.

PBS's disposal is part of Pirelli's stated strategy of focusing on its core Tyre business.

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Press release from Pirelli