Telecom Italia sells INWIT stake to Ardian for 250 mln euros
Adds share price, detail
MILAN, Aug 13 (Reuters) -Telecom Italia (TIM) TLIT.MI has struck a deal worth 250 million euros ($273 million) to sell its indirect holding in Italian telecoms tower company INWIT INWT.MI to a consortium led by French infrastructure fund Ardian.
The former Italian phone monopoly said on Tuesday that proceeds from the sale were not factored into its 2024 financial guidance.
TIM is selling its residual stake of about 10% in an investment vehicle which in turn owns 29.9% of Milan-listed INWIT.
Ardian already controlled 90% of that vehicle after buying a 41% stake from TIM in 2022 for 1.3 billion euros. TIM's sale of its remaining 10% had been expected.
The latest sale values INWIT at 10.43 euros a share, taking into account the net debt of the vehicle.
Finalisation of the deal is expected in the fourth quarter of this year, TIM said.
At 0749 GMT, shares in both TIM and INWIT were broadly flat after retracing earlier gains. INWIT traded at 10.32 euros.
INWIT was the tower subsidiary of TIM and went public in June 2015 at a price of 3.65 euros a share. About 37% of its shares are free-floating, while another 33% is held by a vehicle controlled in part by Vodafone VOD.L.
($1 = 0.9145 euros)
Reporting by Elvira Pollina and Valentina Za; Editing by Giulia Segreti and Mark Potter
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