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. Last Updated: 07/27/2016

Latin Telecoms Talk

MILAN, Italy -- Telecom Italia said Friday that it is in advanced talks on creating a Spanish telecommunications holding company with Spanish utilities Union Fenosa and Endesa.

The new company would control the three companies' telecom, television broadcast and Internet-related interests, according to an article published Friday in Italian newspaper Il Sole 24 Ore.

Endesa and Telecom Italia would each take a stake of between 25 percent and 30 percent in the new venture, while Union Fenosa would take between 15 percent and 16 percent, Il Sole reported.

The three companies have been talking since last year. Negotiations began to speed up after the wildly successful IPO of Terra Networks, the internet arm of Spanish telecom company Telefonica, Il Sole reported.