Telecom Italia to create newco to hold its 60% holding in Inwit after IPO and then sell holding
Telecom Italia (TI) is to create a newco to contain the 60% of shares that it will not float in transmission tower company Inwit and then sell a stake in the vehicle. A report in Italian language daily Il Sole 24 Ore cited authoritative sources who said that the creation of the sub-holding, which would be initially 100%-owned by TI, would take place after the IPO, which is expected to be launched in June.
The report said that the newco would try to attract a minority investor, most likely either a sovereign wealth fund or an infrastructure fund.
The item added that in terms of chain of control, the newco would be placed between TI and Inwit.
The item added that Cleary Gottlieb and White & Case are acting as legal advisors in addition to d'Urso Gatti Bianchi. The report said that Deutsche Bank, Mediobanca and Banca Imi are acting as global coordinators and UBS as joint bookrunner.
The report added that Inwit could be valued at EUR 1.6bn-1.7bn.
Il Sole 24 Ore