Vodafone sells Infostrada for £6.58bn

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The Independent Online

Italian electricity company Enel is to buy one of the Italy's biggest phoone and internet companies from Vodafone for £6.58bn (11bn Euros).

Italian electricity company Enel is to buy one of the Italy's biggest phoone and internet companies from Vodafone for £6.58bn (11bn Euros).

Vodafone accepted an offer of half cash and half bonds for Infostrada, which Enel plans to incorporate into Wind, Italy's third biggest moblie phone operator and a joint venture with France Telecom.

Vodafone inherited Infostrada from a £110bn buyout of Mannesmann of Germany in February.

Once Infostrada and Wind are merged, the group will be listed on the Italian stock exchange, probably during 2001.

The deal came after a month of negotiations that often looked as if they were about to collapse.

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