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Italian telecommunication company Telecom Italia SpA (TIT.MI) said Saturday it has sold a voice technology unit, Loquendo, to U.S. company Nuance Communications Inc. (NUAN) for an enterprise value of EUR53 million ($75.5 million).
The sale of Loquendo is part of a wider rationalization plan already announced by Telecom Italia earlier this year. In a statement, Telecom Italia said that Nuance is committed to keep the company's headquarters in the Italian city of Turin.
Telecom Italia expects to close the deal around the end of September.
-By Sabrina Cohen, Dow Jones Newswires, +39 02 5821 9906; firstname.lastname@example.org