Telecom Italia inked a deal to offload its residual interest in tower business Inwit for €250 million to an entity led by investment company Ardian.
The transaction involves the operator selling its 10 per cent of holding company Daphne 3, which in turn owns an almost 30 per cent stake in Inwit. The buyer is Impulse I, a consortium controlled by private equity company Ardian which already owns the other 90 per cent of Daphne 3.
Telecom Italia expects the deal to close in Q4, subject to closing conditions being met.
The sale will mark the operator’s final exit from a company created from its spun-off tower assets, which was subsequently merged with Vodafone Italy’s infrastructure assets in 2020.
Both operators then sold down their interests in the resulting company.
Inwit’s other major shareholder is Central Tower Holding Company, a business co-controlled by a division of Vodafone Germany and investor Oak Consortium. It holds a 33 per cent share. The remainder of the infrastructure provider is floated on the stock market.
Last month, Telecom Italia completed a big money sale of its spun-off fixed network assets, earmarking the cash to cut debt and reshape the business.
The post Telecom Italia to raise €250M from Inwit stake sale appeared first on Mobile World Live.
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