PHILADELPHIA-Bell Atlantic Corp. said it exercised its right to increase its ownership interest in Omnitel Pronto Italia to 23.1 percent.
Bell Atlantic, which was an original partner in Omnitel, held 11.66 percent of the company in 1996 before increasing its equity stake in the company twice more for a total interest of 19.7 percent. Bell Atlantic said the latest increase of 3.4 percent solidifies its position as the second-largest shareholder in Omnitel.
“This most recent ownership increase demonstrates just how excited Bell Atlantic continues to be about the future of Omnitel and the Italian telecoms market,” said Tom Bartlett, president and chief executive officer of Bell Atlantic International Wireless. “I would be hard-pressed to find another wireless business that generates the kind of pure value that Omnitel provides.”
Germany’s Mannesmann AG is Omnitel’s largest shareholder with about a 54-percent stake, including shares Mannesmann will receive from the upcoming sale of Olivetti’s interest in their Oliman partnership. AirTouch Communications Inc. holds about 18 percent, and other shareholders hold the remaining 5 percent.
Bell Atlantic has the right to increase its stake in Omnitel by another 2 percent, which may be exercised by January 2001.
