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Telecom Italia Sells Etecsa Stake to Rafin SA for $706 Million

Telecom Italia SpA sold its 27 percent stake in Cuba’s Etecsa to Rafin SA, a state finance company for the Caribbean island nation, for $706 million.

Telecom Italia, Italy’s biggest telecommunications company, has already received $500 million from Rafin, the provider said today in a statement. The balance will be paid in monthly installments over 36 months.