Italian firms move ahead with tower sales

31 Mar 2015

Two Italian mobile operators have announced progress with their moves to spin off their wireless tower assets. Number three cellco Wind Telecomunicazioni says it has completed the EUR693 million (USD776 million) sale of a 90% stake in its tower unit Galata to Cellnex, which is part of Spanish infrastructure investment firm Abertis. The deal includes 7,377 mobile masts across Italy. Wind has retained a 10% stake in Galata. Meanwhile, mobile market leader Telecom Italia (TI) has begun the transfer of its own tower assets to a new subsidiary Infrastrutture Wireless Italiane (Inwit). Inwit will operate around 11,500 mobile towers across Italy on behalf of TI, with the telco looking to sell off part of the division via an initial public offering (IPO) later this year. Both firms are using the proceeds from the sale of their tower units to help reduce debt levels.