An Ardian-led consortium of institutional investors have agreed to invest in a newly formed holding company in which will be transferred a 30.2 percent share of the co-controlling stake in Italian wireless company Infrastrutture Wireless Italiane (INWIT).
The stake is currently held by TIM S.p.A., one of the top information and communication technology companies in Europe.
In addition, a vehicle managed and advised by Canson Capital Partners has agreed to acquire a direct stake in INWIT of up to 3 percent of its share capital.
The transactions are based on an INWIT share price of €9.47 ($10.7) with implied proceeds for TIM of €1.6 billion ($1.8 billion), according to a joint statement from TIM and Ardian.
Upon completion of the transaction, the consortium will hold a 49 percent stake in the capital of the holding company. TIM will have full and exclusive control of the holding company and, through it, will continue to exercise joint control over INWIT
