TIM confirms INWIT share sale

25 Jun 2020

Telecom Italia (TIM) has confirmed plans to offload a stake in its mobile tower unit INWIT, which it controls jointly with Vodafone Italy. TIM currently holds around 33.2% of INWIT. A 30.2% interest will be transferred to a new holding company which is to be 49%-owned by a consortium led by French investment firm Ardian, while Guernsey-based Canson Capital Partners has agreed to acquire a direct stake of up to 3%. TIM expects to raise up to EUR1.6 billion (USD1.8 billion) from the sale. Vodafone will remain as INWIT’s major shareholder with a 33.2% interest.