Italian incumbent Telecom Italia(TI) has filed a request with the securities regulator to list its tower spin-off Infrastrutture Wireless Italiane (Inwit) on the Milan bourse.
The IPO, which is estimated to be worth around €1bn, is due to be completed…
Italian incumbent Telecom Italia(TI) has filed a request with the securities regulator to list its tower spin-off Infrastrutture Wireless Italiane (Inwit) on the Milan bourse.
The IPO, which is estimated to be worth around €1bn, is due to be completed by the summer.
Further to the public listing, Telecom Italia will retain a majority stake in Inwit, which will operate 11,500 sites hosting radio transmission equipment for TI’s and rival mobile networks.
Banca Imi and Deutsche Bank are advising on the offering.
The tower IPO is part of the telco’s recently-announced two-year strategic plan, which will see it invest €14bn in network upgrades in Italy and Brazil, where it controls the second-largest mobile operator TIM Brasil.
The company is also striving to reduce its €26.65bn debt burden, and expects the new plan will result in savings of about €1bn over the next three years due to cost efficiencies.
The telco reported consolidated revenues for 2014 of €21.57bn, down 5.4% year-on-year. EBITDA totalled €8.7bn, down 6.8% on the 2013 result.
