Pirelli on June one, agreed to the sale of its cable assets to the private equity arm of Goldman Sachs in a 1.3 billion-euro deal ($1.6 billion), part of the Italian group's shift to higher value businesses. Pirelli, which also makes tyres and led a 2001 take-over of Telecom Italia, said the deal comprised 490 million euros in equity and the assumption by Goldman Sachs Capital Partners of about 690 million euros in debt.

Copyright Reuters, 2005

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