23 September 2006

DE - Time Warner to sell AOL Germany to Telecom Italia

Time Warner has agreed to sell AOL Germany's Internet access business to Telecom Italia for €675 million (US$856 million), giving the Milan company a firm foothold in the German market. The all-cash deal, which is subject to regulatory approval, is expected to close early in 2007. Once complete, it will make Milan-based Telecom Italia the second-biggest provider of broadband Internet in Germany with 3.2 million customers, behind T-Online International, part of Deutsche Telekom AG.