In a joint-venture agreement with Gruppo Olivetti, France Telecom will take an equity stake in

June 1, 1997

In a joint-venture agreement with Gruppo Olivetti, France Telecom will take an equity stake in Infostrada, an Italian voice-services company. Previously, Olivetti held 67% of Infostrada, with Bell Atlantic holding the remaining 33%. Once the agreement is executed, France Telecom will acquire 49% of the company through a reserved equity increase worth 165 billion Italian lira. Olivetti and Bell Atlantic will hold the remaining 51% through a new holding company, Infoinvestment. Business plans call for Infostrada to increase its investment in fiber as a result of the new ownership arrangement and cash infusion.

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