Telecom Italia and their investor Ardian have finalised the agreement for a partial sharing of the investment in Infrastrutture Wireless Italiane (INWIT). The transaction consists of the purchase by a consortium of institutional investors led by Ardian of a 49% stake in Daphne 3, a newly-established holding company controlled by TIM, to which TIM has transferred a 30.2% stake in the share capital of INWIT.
The holding company takes over from TIM, for the stake in INWIT transferred, in the shareholder agreement existing between TIM and Vodafone Europe, by virtue of which they jointly control INWIT. Relations between TIM (which retains control over the holding company) and the consortium led by Ardian are regulated by a specific shareholders' agreement. The value of the transaction for TIM is €1.35 billion in respect of an INWIT share value of €9.47.
Of the remaining direct stake held by TIM in INWIT, equating to 3% of its capital, 1.2% was sold for 109 million euros, to a vehicle managed and assisted by Canson Capital Partners (Guernsey) Limited, which also has an option to purchase the remaining 1.8% for a price of 161 million euros. The investment in Daphne 3 represents the first step of a long-term partnership between TIM and Ardian, aimed at strengthening the leadership of INWIT on the Italian telecommunications market, leveraging the growth of data traffic and the new opportunities arising from the implementation of 5G.
“This investment of great strategic value further demonstrates our commitment to Italy, a core market for us in which we have been investing for more than a decade. Alongside major industrial partners, we have contributed to long-term sustainable growth plans and value creation for all stakeholders. We are very pleased to start building a strong partnership with TIM. Together with TIM and Vodafone, we will support the management team in the ambitious growth plan for this essential technological infrastructure," said Mathias Burghardt, Member of Ardian’s Executive Committee and Head of Ardian Infrastructure.
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