Piedmont International will buy 90 per cent of Olivetti?s PC division next month for about #105 million.
The exact price will be negotiated when the deal is signed in late February but the troubled Italian manufacturer said it will keep a 10 per cent stake in the division.
Olivetti confirmed the proposed deal at a press conference in Milan late yesterday, after months of speculation about potential buyers. The Piedmont consortium includes backing from London-based financier Edward Gottesman and Zanussi chairman Gianmario Rossignolo.
Last week Olivetti revealed it has made only 57.5 billion lire from the sale of its stake in Acorn, less than the 64 billion lire it originally expected from the deal.
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