(Alliance News) - Planetel Spa announced that Friday saw the closing of the transaction to acquire 100 percent of the share capital of Trivenet Srl, which took place through the purchase of 100 percent of the shares held by Finvis Srl.

Trivenet is a telecommunications operator based in the Veneto region with a particular presence in the provinces of Padua, Treviso and Vicenza.

The sale of 100% of Trivenet in favor of Planetel took place for the total consideration--subject to a negative or positive price adjustment mechanism--of approximately EUR750,000, of which EUR400,000 or approximately 53% of the price has already been paid while the remaining approximately 47%, will? paid following the subscription by Finvis of a capital increase of Planetel reserved for it, to be resolved by the board of directors within 90 days from the date of the Closing, partially exercising the proxy granted by the shareholders' meeting on March 31, 2022.

Planetel trades in the green by 1.8 percent at EUR5.70 per share.

By Chiara Bruschi, Alliance News reporter

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