Telecom Italia (TIM) and publisher Gedi Gruppo Editoriale have announced a binding agreement to sell their stakes in broadcasting unit Persidera to Italian infrastructure fund F2i and EI Towers for a total of EUR 240 million. The deal to divest TIM’s 70 percent stake and Gedi’s 30 percent holding in the former Telecom Italia Media Broadcasting company remains subject to approval and involves the demerger of Persidera into two separate entities. It’s expected to close in the final quarter of 2019.
In a statement announcing the deal, TIM said one of the demerged entities will continue to hold Persidera's five digital terrestrial frequencies and associated revenue-earning contracts and staff, while the other will absorb all the network infrastructure and associated staff. F2i will acquire the entire share capital of the new Persidera while EI Towers will acquire 100 percent of the new network infrastructure company.
TIM added that the sale is consistent with the industrial plan revealed in February and is part of the wider process of streamlining the company's portfolio and focusing on its core business. The expected overall impact on its NFP reduction in 2019 will be around EUR 160 million, including the dividends distributed by the company and the effect of the deconsolidation of Persidera’s debt.
Infrastructure fund F2i and Mediaset successfully completed their takeover of EI Towers last year after Mediaset announced its decision to convert its stake of 40 percent in EI Towers into a "significant minority" stake in 2i Towers, the special purpose vehicle set up by F2i to conduct the acquisition. EI Towers owns around 2,300 broadcast towers and more than 1,000 mobile towers all over Italy.
