Inwit CEO says Cellnex bid better 'in theory'
Oscar Cicchetti, the CEO of Inwit, the listed Italian transmission company controlled by Telecom Italia, has said that a bid by Spanish rival Cellnex, is better “in theory,” Italian language daily La Stampa reported.
The report cited Cicchetti as saying that this was because the more towers owned by the bidder, the greater the synergies. However, Cicchetti added that in reality the best bid would depend contract conditions.
The item cited Cicchetti as noting that the TI board would decide on the winning bidder at its board of directors meeting on 5 May.
As previously reported a consortium made up of Cellnex and Italian infrastructure fund F2i is bidding for a 45% stake in Inwit, while listed Italian transmission tower network EI Towers is bidding for a stake just under 30%.
As previously reported, the Cellnex/F2i offer is priced at EUR 4.9 a share and the EI Towers offer at EUR 5 a share.
Inwit has a market cap of EUR 2.63bn.
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Source La Stampa