Telecom Italia SpA looks set to acquire a stake of Alestra, the Mexican phone company 49% controlled by AT&T Corp, as part of a wider strategic agreement, according to reports in Italian paper Il Sole-24 Ore. The Italian could invest $160m in Alestra, with the money used to acquire new phone licenses in Mexico. In exchange, Telecom Italia will cede control of Telemedia International Europa, Telecom’s subsidiary for European business traffic. At the same time, Telecom Italia will assume control of AT&T UK, AT&T’s UK subsidiary.
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