US telecomms giant AT&T, Italy?s telco Stet/Telecom Italia, and the pan-European consortium Unisource, have signed a wide ranging deal to offer services throughout Europe and Latin America.
The agreement places AT&T and Stet/Telecom Italia in head-on competition with the BT-MCI Concert alliance with Spain?s Telefonica, which was formed in April to tackle the $36 billion market in Latin America.
Stet/Telecom Italia, the world?s fifth largest telecomms carrier, will take a ?significant? stake in Unisource, the alliance that Telefonica abandoned in favour of Concert. No figures were given but Telefonica owned 25 per cent of that alliance.
Two pan-American entities will be formed between Stet/Telecom Italia and AT&T to serve multinational customers, large and medium businesses, plus high end consumers in Latin America.
Stet/Telecom Italia will distribute Unisource services in Italy. All three companies said they would align their strategies to focus on key European markets including France, Germany, UK and Spain.
Tomaso Tommasi di Vignano, chief executive of Stet/Telecom Italia, said: ?As our talks went ahead, we found we closely shared a common vision of both how and where we wanted to grow. Our link with AT&T in Latin America will allow us to grow from strength.?
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