AirTouch Increases Ownership Stake in Italian Cellular Venture.SAN FRANCISCO--(BUSINESS WIRE)--July 19, 1995--AirTouch Communications (NYSE:ATI) today announced that it has increased its ownership of Omnitel-Pronto Italia (OPI OPI - Obscenity, Profanity, Indecency (FCC) OPI - Ocean Profile on the Internet OPI - Office of Police Integrity (Victoria, Australia) OPI - Office of Primary Interest OPI - Office of Public Instruction OPI - Oil Pressure In OPI - Old Patient In OPI - Omnibus Personality Inventory OPI - Omnitel Pronto Italia OPI - Open Prepress Interface OPI - Operational Performance Indicator OPI - Operator Interface OPI - Operator's Instructions), its Italian cellular company, by 1.5 percent. AirTouch is now the second largest partner in OPI, with a total shareholding of 11.7 percent. AirTouch acquired its additional indirect interest from a group of Italian partners for approximately $6 million. The favorable purchase price was part of the original shareholders contract, and recognized AirTouch's key role in the license application process. The Italian government awarded a digital cellular license to Omnitel-Pronto Italia in 1994. "This acquisition demonstrates our strategy of enhancing shareowner value by increasing our stake in our existing international operations," said Arun Sarin sarin (zärēn`), volatile liquid used as a nerve gas. It boils at 147°C; but evaporates quickly at room temperature; its vapor is colorless and odorless. Chemically, sarin is fluoroisopropoxymethylphosphine oxide; it is more toxic than tabun or soman., president and chief executive officer of AirTouch International. "We believe there is outstanding growth potential in the international cellular market. By expanding our holdings in selected countries, like Italy, we can get in on the ground floor and benefit from pent-up customer demand for wireless services." Omnitel-Pronto Italia began field testing on its digital network in June and expects to begin service by the end of the year. The country's cellular penetration rate is about four percent, compared to approximately 10 percent in the U.S. There is currently only one cellular operator in Italy and about 57 million people. OPI was formed in 1994 when the Omnitel consortium merged with the Pronto Italia consortium to bid for Italy's second digital cellular license. Other significant partners in the company, which is 70 percent owned by Omnitel and 30 percent owned by Pronto Italia, include Olivetti, Bell Atlantic, Cellular Communications International, Telia, Lehman Brothers, Banca di Roma, and Mannesmann, A.G. AirTouch Communications is a global wireless communications company, with interests in cellular, paging, personal communications services, satellite, and other operations in the United States and 11 other nations: Belgium, Canada, France, Germany, Italy, Japan, Portugal, South Korea, Spain, Sweden, and Thailand. The company, which is based in San Francisco, serves nearly four million customers worldwide. CONTACT: AirTouch Communications Susan Rosenberg, 510/210-3910 |
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