Telecom Italia has reportedly set a deadline of 11 March for binding bids for a 45% stake in its tower spinoff Inwit. The Italian incumbent has already received non-binding bids from Spanish group Cellnex in consortium with Italian infrastructure fund F2i, as well as from local towerco EI Towers and American Tower, according to local media.
Telecom Italia (BIT:TIT) has reportedly set a deadline of 11 March for binding bids for a 45% stake in its tower spinoff Inwit (BIT:INW).
The Italian incumbent has already received non-binding bids from Spanish group Cellnex in consortium with Italian infrastructure fund F2i, as well as from local towerco EI Towers and American Tower, local media reported. It plans to select one bidder for exclusive negotiations ahead of its board meeting on 17 March.
Cellnex and F2i have reportedly offered some €4.30 (US$4.74) per share, or a total €1.2bn (US$1.3bn), for a 45% stake in Inwit, while EI Towers has offered €5.00 (US$5.51) per share, or a total €1bn (US$1.1bn), for a 29.9% stake. American Tower has reportedly offered €4.00 (US$4.41) per share.
Telecom Italia, which still owns 60% of Inwit, having spun off 40% of the company last year, could reportedly raise more than €2bn (US$2.2bn) from the sale as, if a buyer acquires a 45% stake, they would be required by law to launch a mandatory takeover of the rest of the stock.
CEO Marco Patuano (pictured) has previously said the telco would like to retain 15% of Inwit. Outlining its latest strategic plan earlier this month, Patuano said a possible continued exit from Inwit could help the company to cut debt in 2016.
At the time of writing, Inwit’s shares were down 0.04% on the Italian bourse to €4.55 (US$5.02) each.
