Inwit first-half revenues up 3.7% ahead of merger with Vodafone Towers

News Video Italy 30 JUL 2019
Inwit first-half revenues up 3.7% ahead of merger with Vodafone Towers
Telecom Italia’s tower unit Infrastrutture Wireless Italiane (Inwit) reported revenues of EUR 195.9 million in the six months to 30 June, up 3.7 percent year on year, ahead of its merger with Vodafone Italia’s towers subsidiary to create what will eventually become Italy’s biggest tower company. Net profit for the period was down 1.3 percent to EUR 69.2 million, while comparable EBITDA was EUR 112.5 million, up 4.6 percent. 

In his statement, CEO Giovanni Ferigo said Inwit’s 17th consecutive quarter of growth showed the company was ready compete in the 5G era. “Inwit is heading towards a merger with Vodafone Towers backed by an industrial performance that continues to guarantee its growth, especially in the new businesses sector,” he said. 

Last week it was revealed that both Telecom Italia and Vodafone will each have a 37.5 percent stake and equal governance rights in the enlarged Inwit, which will be converted into Italy's largest tower company, with more than 22,000 towers throughout the country, as well as the second largest in Europe. 

The operators added that they will enter into a 3-year lock-up agreement for their respective stakes and will consider cutting their stakes in the merged entity to 25 percent by opening the venture to others.


 

Categories:

Video,  Mobile

Companies:

Telecom Italia,  Vodafone Italia,  Inwit

Countries:

Italy

Tags:

Financial figures

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