Underwriters have fully exercised their 10% greenshoe option in Italian towerco Inwit’s IPO, acquiring an additional 21.8m ordinary shares.The shares were priced at €3.65 apiece, for a total value of €79.6m, excluding underwriting fees.Settlement…
Underwriters have fully exercised their 10% greenshoe option in Italian towerco Inwit’s IPO, acquiring an additional 21.8m ordinary shares.
The shares were priced at €3.65 apiece, for a total value of €79.6m, excluding underwriting fees.
Settlement of the additional shares will take place on 9 July.
Telecom Italia offered a total of 239.8m ordinary shares in the tower spin-off, including the overallotment option, corresponding to a 40% stake.
The telco, which raised €875.3m in the IPO, plans to use the proceeds to reduce its debt burden and speed up nationwide fibre deployment for both fixed and mobile applications, and also to pursue potential M&A opportunities.
Banca IMI, Deutsche Bank and Mediobanca acted as joint global coordinators and, together with UBS, as joint bookrunners. Banca IMI also served as the lead manager of the Italian public offering and as sponsor.
Vivendi to meet TI on Wednesday
Meanwhile, rumours have emerged that Vivendi CEO Arnaud de Puyfontaine will meet Telecom Italia’s president Giuseppe Recchi and CEO Marco Patuano tomorrow in Rome.
During the trip, de Puyfontaine is likely to meet PM Matteo Renzi and other government officials to discuss the recently-launched €12bn high-speed broadband plan, which will be financed with a mix of private and public investments, including EU structural and development funds.
Last month, Vivendi became Telecom Italia’s largest shareholder after acquiring a 14.9% stake.
The French media group, which has recently divested its telecoms businesses to focus on media and content, aims to turn TI into a content distribution platform for its subsidiaries Universal Music Group and French pay-television operator Canal Plus.
