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Article: ECI To Sell GVT Notes For $96 Million In Cash Sale To Result In $11 Million Capital Gain.
- Article from:
- Business Wire
- Article date:
- March 7, 2005
CopyrightCOPYRIGHT 2005 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PETAH TIKVA, Israel -- ECI Telecom (NASDAQ:ECIL) announced today it has entered into a preliminary agreement to sell certain long term notes from Global Village Telecom Ltd of Brazil (GVT). ABN Amro Bank will pay ECI $96 million in cash, plus potentially a further amount of approximately $3.3 million based on certain contingencies. The sale is subject to certain conditions and corporate approvals, including that of ECI's shareholders, and is anticipated to close in April 2005. It is expected to result in a capital gain for ECI of approximately $11 million, excluding the contingent amount.
ECI first received notes from GVT in exchange for fixed wireless equipment ...