Telecom Italia sells residual stake in INWIT to Ardian for 250 mln euros

Telecom Italia (TIM) said it signed off the sale of its residual indirect stake in Italy’s top telecoms tower company INWIT to a consortium led by French infrastructure fund Ardian for 250 million euros.

TIM said it sold a stake of about 10% in a vehicle which owns nearly 30% of Milan-listed INWIT. French firm Ardian already controlled 90% of that vehicle.

The sale was based on a share price for INWIT of 10.43 euros, taking into account net debt of the vehicle, and was not included in TIM financial targets for 2024, the company said.

The finalisation of the deal is expected in the fourth quarter of the year, it added.