Italian media group Mediaset has sold a 25% stake in local towerco EI Towers, raising around €283.7m (US$388.6m).
Approximately seven million shares, at €40.15 each, were offered to Italian and foreign investors via an accelerated…
Italian media group Mediaset has sold a 25% stake in local towerco EI Towers, raising around €283.7m (US$388.6m).
Approximately seven million shares, at €40.15 each, were offered to Italian and foreign investors via an accelerated bookbuild. Mediobanca acted as sole bookrunner on the sale.
The offering is expected to be settled on 8 April, Mediaset said in a stock exchange announcement.
The media group, which is controlled by former Italian prime minister Silvio Berlusconi, had a 65% stake in EI Towers via its subsidiary Elettronica Industriale before the offering.
Mediaset plans to use the transaction proceeds to invest in its core operations, according to local reports.
In recent weeks, the telecoms and TV tower company has been linked, along with other potential bidders, to the acquisition of sites from incumbent Telecom Italia (TI). A deal could be expected within the next few months, a TI spokesperson said.
Separately, Russia-focused telco VimpelCom has also been considering options to sell towers belonging to its Italian unit Wind Telecomunicazioni.
