Telecom Italia targets €2.3 billion in towers IPO
Telecom Italia has set the price range for the planned initial public offering of its tower business, Infrastrutture Wireless Italiane (Inwit), for as much as €2.34 billion.
Telecom Italia filed an IPO request for Inwit with Italian market regulator Consob in March 2015. Inwit operates approximately 11,500 tower sites for Telecom Italia and other operators.
The operator is offering between €3.25 and €3.9 for each share in Inwit, valuing the unit for at least €1.95 billion. It plans to sell up to 40% of the unit on the Milan stock exchange.
CEO Marco Patuano said at the presentation of the company’s 2015-2017 strategy plan in February 2015 that it plans to list Inwit before the summer in a bid to raise up to €1 billion to reduce debt and fund investments.
In November 2014 Telecom Italia, which owns 66.5% of TIM Participacoes, sold the mobile phone towers of its Brazilian unit Tim Brasil to American Tower for over €900 million.