Equity swap gives J.P. Morgan 7% of Telecom Italia – JPMorgan Chase & Co. (NYSE:JPM) | Seeking Alpha

  • An Italian regulatory filing shows that J.P. Morgan (JPM -0.9%) has a 7% stake in Telecom Italia (TI -0.9%) — the result, for now, of an equity swap deal with Telefonica (TEF +0.4%).
  • The Spanish provider issued a €750M exchangeable bond, maturing in 2017, that converts into TI shares, and did a totl return equity swap with J.P. Morgan giving it the TI stake.
  • Telefonica will reclaim the shares from the bank, though, at maturity, and give them to the bond's investors.
  • via seekingalpha.com

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