Spanish towerco Cellnex and Italian infrastructure fund F2i are reportedly preparing to offer between €4.35 and €4.50 per share for 45% of Inwit, the towerco spun off by Telecom Italia last year. American Tower and EI Towers are also reportedly in the running.
Spanish group Cellnex (BME:CLNX) and Italian infrastructure fund F2i are reportedly preparing to offer between €4.35 and €4.50 per share for 45% of Inwit (BIT: INW), the towerco spun off by Telecom Italia last year (BIT:TIT).
Cellnex and F2i are looking to acquire the shares from Telecom Italia, which still holds 60% of Inwit having listed 40% of the company last year. Telecom Italia CEO Marco Patuano has previously said the company would like to retain 15% of Inwit, which the joint offer values at around €2.7bn (US$2.9bn).
According to a Reuters report citing sources close to the matter, Cellnex and F2i are ahead of their rivals in the bidding process because of the extra cost savings they could generate, estimated at €1bn (US$1.1bn).
The price they are offering, however, may not be enough for Telecom Italia as it represents a small discount on Inwit’s share price. Were Cellnex and F2i to acquire 45% of Inwit they would be required by law to launch a mandatory takeover for the rest of the stock, the report said.
All the companies declined to comment.
Reuters suggested American Tower and local infrastructure firm EI Towers may also bid.
