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. Last Updated: 07/27/2016

Italy Plans Net Giant

ROME -- Telecom Italia has unveiled plans to create a new European Internet "colossus" through the marriage of its Internet service provider with Internet portal operator Seat Pagine Gialle.

Under the plan, a rapid acceleration of its strategy to jack up Italy's sluggish Internet penetration, Telecom will raise its stake in Seat to 29.9 percent, merge with it and then tighten its grip on the new group by launching a bid for Seat.

The deal would catapult, which has 2.4 million subscribers and is valued by analysts at 10 billion to 15 billion euros ($9.88 billion to $14.82 billion), onto the bourse via the merger and bid for Seat, already a quoted company.