Italian telecoms and broadcasting tower company Raiway has ruled out making a bid for a stake in TIM’s infrastructure division Inwit, saying recent share price rises have made the firm too expensive. Reuters quotes Raiway chairman Camillo Rossotto as saying: ‘A year ago, before Inwit’s listing, we were looking with some interest at a possible expansion of the telecom towers business, but we have realised that the assets of Inwit … are valued at much higher multiples compared to ours.’
TIM (formerly Telecom Italia) offloaded a 40% stake in Inwit earlier this year via an initial public offer (IPO) and is looking to sell part of its remaining stake by the end of this year to raise funds to help pay off some of its EUR27 billion (USD30 billion) debt. The Spanish tower firm Cellnex and Italian infrastructure fund F2i are two parties being linked with a possible bid for Inwit.