The global private investment company is leading a consortium which will acquire a 30.2% share of Infrastrutture Wireless Italiane (INWIT) currently held by TIM.
A new holding company has been set up. On completion of the transaction, the Ardian-led consortium will hold a 49% stake in the capital of the holding company. The holding company will replace TIM for the portion of INWIT shares held.
In the existing shareholders' agreement between TIM and Vodafone Europe, the two jointly control INWIT.
TIM said in a statement it will “have full and exclusive control of the Holding Company and, through it, will continue to exercise joint control over INWIT together with Vodafone Europe”.
TIM has also reached an agreement with a vehicle managed and advised by Canson Capital Partners (Guernsey) whereby Canson will acquire a direct stake in INWIT of up to 3% of its share capital, based on the same INWIT share price used in the sale to the Arcadian-led consortium.
The transactions are based on an INWIT share price of €9.47 (ex dividend) with implied proceeds for TIM of €1.6 billion.
Completion of the transaction is subject to conditions being met by 3 September 30, 2020, including authorisation under the Golden Power regulations and confirmation from Consob, Italy's stock market regulator, of there being no requirement to make a mandatory offer.