Telecom Italia confirms 2 binding offers for Inwit stake

News Wireless Italy 18 MAR 2016
Telecom Italia confirms 2 binding offers for Inwit stake
Telecom Italia has received two binding offers to buy a stake in its Inwit towers division and is currently negotiating with potential buyers, the company said in a statement. Bids were received from a consortium made up of Spain's Cellnex Telecom and Italian infrastructure fund F2i and from Mediaset-owned EI Towers.

Press reports last week suggested EI Towers was seeking a 25 percent stake in Inwit while Cellnex /F2i aimed at a larger 45 percent stake in the business. Reuters reported that Inwit's board backed a wider deal that would see it acquire 1,000 towers from EI Towers.

Telecom Italia's confirmation it had received two binding offers was included in a statement issued following a board meeting to approve the company's 2015 accounts. Reuters quoted board member Tarak Ben Ammar as saying no decision on the Inwit sale was made at the meeting and that more time was needed.

Telecom Italia already raised around EUR 780 million in June 2015 from an IPO of a 40 percent stake in the tower unit.

Categories:

Mobile

Companies:

Telecom Italia,  Mediaset,  EI Towers,  Cellnex

Countries:

Italy

Tags:

Network equipment, Wireless, Corporate, M&A buyouts & divestments

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