Telecom Italia (TIM) has not taken a decision on a potential sale of a stake in tower spinoff Inwit.
Telecom Italia (TIM) (BIT:TIT) has not taken a decision on a potential sale of a stake in tower spinoff Inwit (BIT:INW).
TIM board members discussed the matter at a meeting yesterday and, in a subsequent statement, said they had mandated management “to examine the offers received for the share in Inwit”.
“In connection with the announced valuation of a portion of INWIT’s capital, the board of directors has appointed the management to examine and best negotiate the two binding offers received from Cellnex/F2I and EI Towers,” the Italian incumbent said.
A spokesperson for the telco declined to comment further.
Local towerco EI Towers, controlled by broadcaster Mediaset, submitted an offer for a stake of just under 30% in its rival, a recent newswire report cited a source as saying. Spain’s Cellnex in consortium with Italian infrastructure fund F2i also presented a rival offer to buy part of Inwit.
Non-binding bids were received in February and the deadline for binding offers had been set for 11 March. TIM was planning to select one bidder for exclusive negotiations ahead of its board meeting yesterday.
The Italian incumbent, 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
