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Telecom Italia´s INWIT Closes Acquisition of Vodafone Italy Towers
Monday 30 March 2020

UK-based telecommunications company Vodafone Group plc (NASDAQ: VOD), Telecom Italia Group and Telecom Italia's masts business INWIT have completed the merger of Vodafone Italy's towers into INWIT, the companies said.

INWIT is now Italy's largest tower operator and will focus on maximising tower utilisation whilst also supporting the deployment of TIM and Vodafone Italy's respective 5G networks.

The merger will be effective as of 31 March 2020, as will TIM and Vodafone's service contracts and active 5G sharing agreements.

Following the merger, TIM and Vodafone will each retain a 37.5% stake in INWIT. Vodafone and TIM intend to retain joint control, but over time will consider jointly reducing their respective ownership levels to a minimum of 25.0%.

On 31 March, Vodafone will receive 360.2m ordinary INWIT shares and cash proceeds of EUR 2,140m, which will be used to reduce net debt.
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Date Published: 30/03/2020

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