CLIENT: British Telecommunications Plc e BT Italia S.p.A.


DATE: January 2008

SECTOR: Telecommunications, Media and Technology

Advisory to BT Italia SpA for the merger by incorporation of I.NET SpA, a company operating in ICT services.

Activities performed:
financial advisory to British Telecommunications Plc and BT Italia Spa in the merger by incorporation of I.NET Spa;
assistance in the transaction structuring and in the analysis and management of the implications linked to the de-listing of I-NET through this merger, as well as evaluation of the economic value of I.NET Spa and BT Italia Spa with the aim of deciding the exchange ratio.

Deal value: € 850 million (*)
(*) Aggregated Enterprise Value