EI Tower looks to buy 29.9% stake in Inwit for EUR 850m
EI Tower [BIT:EIT], the transmission tower group controlled by Mediaset is ready to offer EUR 850m for a 29.9% stake in Inwit [BIT:INW], the Italian transmission tower group, Italian language daily Il Sole 24 Ore reported.
The unsourced report said EI Tower does not want to buy a larger stake as it is trying to avoid a public offer.
The two other bidders, Spanish transmission tower group Cellnex [BME:CLNX] and Italian infrastructure group F2I and American Tower [NYSE:AMT] are looking to acquire the 45% of Inwit being put up for sale by Telecom Italia [BIT:TIT] (TI), the article noted.
As previously reported, TI is hoping to close a sale by mid-year, and due diligence will last until March, when the bidders will be expected to submit binding offers for a 45% stake in Inwit. The report said TI will then choose a party for exclusive negotiations.
Inwit has a market cap of EUR 2.9bn.
Il Sole 24 Ore