(Alliance News) - The European Commission late Friday cleared the merger of Vodafone Group PLC's Italian tower portfolio with INWIT, the towers unit of Telecom Italia Spa.
The deal was signed in December, in which Vodafone and Telecom Italia will retain joint control but will consider cutting their respective ownership levels to a minimum of 25% from 37.5%. The combined entity will remain listed on the Milan Stock Exchange.
In talks with the Commission, both companies offered commitments, under which INWIT will make space available to third parties on 4,000 of its towers in more urbanised areas while committing to preserving existing tenancies.
Vodafone will receive proceeds of EUR2.14 billion from the merger, which is set to be completed by May 19.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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