Telecom Italia SpA ADR

Telecom Italia is the incumbent telephone operator in Italy with 10.8 million retail and 8.1 million wholesale fixed-line subscribers, 31 million wireless customers, and 7.6 million retail broadband subscribers. This makes it the largest operator in each category, even after the merger of Wind and 3 Italia. TI has been rolling out fiber to the home in order to better compete in the broadband market, where several operators are building networks. It also has 57.9 million wireless subscribers in Brazil (24.6% market share) and has started building a broadband network in the country. TI's main objective is to reduce debt and increase free cash flows.