TIM holds an indirect stake of only 3% in Inwit through its 10% stake in holding company Daphne 3
Telecom Italia (TIM) signed an agreement with Impulse I, a consortium led by private equity group Ardian, to sell its remaining stake in mobile tower company Infrastrutture Wireless Italiane (Inwit) for 250 million euros, or roughly $273.8 million.
TIM has been selling shares of the tower company over the past few years and now, only holds an indirect stake of about 3% in Inwit through its 10% stake in holding company Daphne 3, which holds 29.9% of Inwit. Impulse I already owns 90% of Daphne 3.
TIM established Inwit in 2015 when it spun off its towers arm, and in 2020, the company merger with Vodafone Towers, expanding its tower footprint. Inwit now owns about 24,000 towers in Italy, according to recent reports.
At the end of last year, TIM sold its fixed network assets or NetCo — including FiberCop. Optics BidCo — to Kohlberg Kravis Roberts & Co. L.P. (KKR). Optics BidCo, controlled by KKR, took over the assets at a current enterprise value of 18.8 billion euros ($20.5 billion), excluding potential future payments. And the carrier is still searching for a buyer for its submarine cable unit Sparkle, for which TIM turned down an off in February from the Italian Treasury, saying it wanted up to €750 million ($807 million), as reported by Reuters.
If it meets certain conditions, the sale of its Inwit shares is expected to close in the fourth quarter of 2024.
