Telecom Italia (TIM) takes a strategic step by divesting its remaining stake in Italy's leading telecoms tower company, INWIT
In a significant move, Telecom Italia (TIM) has finalized the sale of its remaining indirect stake in INWIT, Italy's top telecommunications tower company. The deal, valued at €250 million, has been struck with a consortium led by Ardian, a prominent French infrastructure fund.
This transaction involves the sale of approximately 10% of TIM’s stake in a holding vehicle that controls close to 30% of the Milan-listed INWIT. Ardian, which already owned 90% of the vehicle, will now have full control following this acquisition. The sale was executed based on an INWIT share price of €10.43, with adjustments made for the vehicle's net debt.
Although the deal brings a substantial cash infusion to TIM, the proceeds from the sale were not factored into the company’s financial targets for 2024. This strategic divestiture reflects TIM's ongoing efforts to streamline its operations and focus on its core business.
The finalization of the transaction is expected in the fourth quarter of the year, signaling a new chapter in TIM's evolution as it continues to navigate the rapidly changing telecommunications landscape. This move marks another milestone in TIM's broader strategy of optimizing its asset portfolio while reinforcing its financial position.
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