TIM sells Inwit stakes to Ardian and Canson for EUR 1.6 bln

Nieuws Mobiel Italië 25 JUN 2020
TIM sells Inwit stakes to Ardian and Canson for EUR 1.6 bln
Telecom Italia (TIM) has announced the sale of direct and indirect stakes in mobile towers group Inwit to a consortium led by French private equity firm Ardian, confirming earlier reports. Under the deal, TIM said the Ardian consortium is acquiring 49 percent of a newly-formed holding company where it plans to transfer a 30.2 percent Inwit stake. TIM has also agreed to sell an up to 3 percent direct Inwit stake to a vehicle managed by Canson Capital Partners, meaning the operator will cash in a total of EUR 1.6 billion from the transactions.

In a statement, TIM said it will have full and exclusive control of the holding company after the deals are completed and will continue to exercise joint control over Inwit together with Vodafone. TIM and Vodafone completed the merger of their tower units into Inwit at the end of March, creating Italy’s largest tower operator with more than 22,000 sites throughout the territory. 

Prior to these latest deals, both TIM and Vodafone owned 33.2 percent of Inwit after selling a combined 8.6 percent stake in April for around EUR 800 million. When the merger was announced a year ago, both TIM and Vodafone confirmed that over time they would consider jointly reducing their respective ownership levels to a minimum of 25.0 percent each.

TIM is also currently in exclusive talks with US private equity firm KKR for the sale of a 40 percent stake of its last mile (copper and fibre) network, a deal that could pave the way for the merger of TIM’s fibre-optic assets with those of wholesale rival Open Fiber.

Categories:

Mobiel

Companies:

TIM,  Telecom Italia,  Inwit

Countries:

Italië

Tags:

Network equipment, M&A buyouts & divestments

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