INWIT becomes largest tower operator in Italy
INWIT has become the largest tower operator in Italy following completion of its merger with Vodafone, Telecom Italia Group (“TIM”) which saw Vodafone Italy’s towers brought under its control.
Following the merger, TIM and Vodafone will each retain a 37.5% stake in INWIT. Vodafone and TIM intend to retain joint control, but over time will consider jointly reducing their respective ownership levels to a minimum of 25.0%.
INWIT which will focus on “maximising tower utilisation whilst also supporting the deployment of TIM and Vodafone Italy’s respective 5G networks”, according to a statement.
The merger is effective from 31 March , when Vodafone will receive 360,200,000 ordinary INWIT shares and cash proceeds of €2.140 million, which will be used to reduce net debt. The same date has been set for TIM and Vodafone’s service contracts and active 5G sharing agreements.
INWIT's statement on the deal read: "INWIT will be the biggest Italian operator in the sector and will have the mission of supporting TIM and Vodafone Italia S.p.A. in creating the new network for the development of 5G, while also guaranteeing that the whole market has access to its infrastructure thanks in particular to the spaces vacated by the joint project between TIM and Vodafone Italia S.p.A."