Telecom Italia was tipped to be close to finalising another debt-reduction step with a deal to sell a stake in its tower joint venture Inwit to a consortium led by Ardian Infrastructure, Reuters reported.
Sources told the news agency a deal could be finalised next week and close either later this month or early July. Telecom Italia and the Ardian Infrastructure-led consortium commenced talks [1] in May.
The planned deal would involve Telecom Italia transferring its 33.2 per cent Inwit stake to a holding company, with a stake in this business then sold. Reuters stated the transaction could bring the operator’s debt down by €4 billion to €17.7 billion.
Telecom Italia and Vodafone Italy were left with a 37.5 per cent stake apiece in Inwit following the completion of a merger in March. They subsequently sold around 4 per cent [2] of their respective holdings for a total of €800 million, with Telecom Italia putting its share towards reducing debt.
[1] https://www.mobileworldlive.com/featured-content/top-three/telecom-italia-opens-talks-to-hack-down-inwit-stake/
[2] https://www.mobileworldlive.com/featured-content/top-three/tim-vodafone-italy-gain-e800m-from-inwit-sales/
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