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Home > Data Center > Telecom Italia announces data center spin-off for 2021

Telecom Italia announces data center spin-off for 2021

Telecom Italia announced that the board of directors has agreed on a data center spin-off for next year.

Erdem Yasar by Erdem Yasar
November 13, 2020
in Data Center
1 min read
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Telecom Italia published the financial report for the quarter ended on 30 September. According to the announcement, the company’s net profit was 1.2 billion Euros for the quarter. The company also stated that the net financial debt as of 30 September had fallen by 2,199 million euros from the end of 2019, standing at 25,469 million euros.

Newco

Telecom Italia also announced Newco, dedicated to Data Centers, the launch of operations in the first quarter of 2021. Newco will operate as of the first quarter of 2021, once the necessary authorizations have been obtained. 2020 proforma turnover is expected to be in the order of approximately 500 million euros, with an expected growth of over 20% per year. With the partnership with Google Cloud in the first nine months of the year, major clients were won for the provision of joint services to business clients.

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Erdem Yasar

Erdem Yasar

Erdem Yasar is a news editor at Cloud7 News. Erdem started his career by writing video game reviews in 2007 for PC World magazine while he was studying computer engineering. In the following years, he focused on software development with various programming languages. After his graduation, he continued to work as an editor for several major tech-related websites and magazines. During the 2010s, Erdem Yasar shifted his focus to cloud computing, hosting, and data centers as they were becoming more popular topics in the tech industry. Erdem Yasar also worked with various industry-leading tech companies as a content creator by writing blog posts and other articles. Prior to his role at Cloud7 News, Erdem was the managing editor of T3 Magazine.

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