Telecom Italia says government to pay it 1 billion euros after court ruling

1 week ago 49

Updated

Apr 04, 2024, 12:32 AM

Published

Apr 04, 2024, 12:32 AM

MILAN - A Rome court has ruled in favour of Telecom Italia (TIM) in a 15-year dispute over the liberalisation of the telecoms sector, ordering the Italian government to return about 1 billion euros ($1.1 billion) to the group, TIM said on Wednesday.

The company was seeking to recover the licence fee it was required to pay to the state in 1998, the year after the telecoms sector was deregulated.

The amount due is equal to the original licence fee, just over 500 million euros, plus a revaluation and accrued interest for a total of about 1 billion euros, TIM said in a statement.

It added that it would "immediately start procedures to recover the amount".

TIM's shares were more than 5% higher after the ruling. REUTERS

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