(Alliance News) - Telecom Italia and Vodafone Group PLC plan to sell a stake in their Italian tower business in the coming days, after picking advisers for the process, Reuters reported on Wednesday.
The companies agreed in July to fold their Italian mobile tower assets into Telecom Italia's 60%-owned unit INWIT to cut debt and free up cash for the roll-out of next generation 5G telecommunications networks.
Upon completion, Telecom Italia and Vodafone will have 37.5% each of the new bigger INWIT, but Reuters reported that the two phone groups have already agreed to cut their stakes to 25% each, while retaining joint control.
https://uk.reuters.com/article/uk-inwit-m-a-telecom-italia-vodafone-gro/tim-vodafone-ready-italian-tower-stake-sale-with-advisers-sources-idUKKBN1YF26L
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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