Telecom Italia plans IPO of 40% of tower unit
Telecom Italia plans to sell 40% of its mobile tower, Infrastrutture Wireless Italiane (Inwit), in an initial public offering.
Inwit operates approximately 11,500 mobile phone towers for Telecom Italia and other operators. Telecom Italia was reportedly considering the sale of the tower business in 2014 in a bid to boost its cash flow and reduce debt.
The operator is awaiting approval from regulator Consob and the Italian stock exchange. "This approval process is ongoing," said Telecom Italia.
Telecom Italia did not provide details about the valuation for the offering although people familiar with the matter told Bloomberg that the company expects to raise as much as €960 million. The operator will receive all proceeds from the IPO.
Banca IMI, Deutsche Bank and Mediobanca have been appointed joint global coordinators and joint bookrunners.