Ardian’s Plan to Take Control of Italian Telecom Operator Inwit
Source: La Lettre – 13 February 2026 | Matthieu Protard | Translation
Dominique Senequier’s investment firm aims to bring Canadian fund Brookfield Asset Management into its bid to acquire 100% of Inwit’s capital. The takeover would result in the Italian operator’s delisting from the Milan Stock Exchange.
Ardian has firmly decided to take over Italian group Inwit (Infrastrutture Wireless Italiane). The French investment firm chaired by Dominique Senequier, which already holds approximately 31% through Italian-registered holding company Daphne 3, plans to launch an offer to acquire 100% of the capital of Italy’s leading telecommunications tower company. Already active in this sector with Míla in Iceland and MXT Holdings in Mexico, Ardian intends to bring Canadian fund Brookfield Asset Management (BAM) into the deal, which would ultimately lead to the delisting of the former Telecom Italia subsidiary from the Milan Stock Exchange.
To gain full control of the Italian operator led by Diego Galli since 2022, the French fund benefits from a favorable window of opportunity. Another shareholder, British operator Vodafone, is looking to sell its approximately 38% stake. Ardian would then only need to convince the minority shareholders, who hold the remaining 30% of the capital, to tender their shares in the transaction.
Offer Rumor Two Years Ago
Created in 2015 as a spin-off from Telecom Italia, Inwit is valued at approximately €8 billion on the stock market. On the Milan Stock Exchange, its shares currently trade around €8, following a 14% decline in 2024 and nearly 20% in 2025. In 2023, Ardian had already considered launching a bid for Inwit’s entire share capital but ultimately abandoned the plan due to insufficient funding. The takeover rumor had driven Inwit’s share price to its all-time high of nearly €13 in May 2023.
The choice of Brookfield Asset Management as a partner in this transaction is strategic for Ardian. The Canadian fund is a major player in infrastructure, spanning telecoms, energy, and transportation, with a portfolio of $247 billion under management. In France, this discreet asset manager recently entered exclusive negotiations with Galeries Lafayette to acquire the Bazar de l’Hôtel de Ville (BHV) building for approximately €300 million (LL, 29/01/26 and 30/01/26). Contacted by La Lettre, Ardian declined to comment.