(Alliance News) - Vodafone Group PLC said Thursday it has sold a 4.3% interest in Italian mobile towers owner Infrastrutture Wireless Italiane Spa for EUR400 million through an accelerated bookbuild, the proceeds of which will go towards reducing debt.
The FTSE 100 telecommunications group placed 41.7 million shares in INWIT at a price of EUR9.60 per share, out of up to 80 million shares offered on Wednesday.
Telecom Italia Spa sold an equal number of INWIT shares in the placing, meaning that both Vodafone and Telecom Italia have reduced their stakes to 33.2% each from 37.5% each. The two companies will keep joint control over INWIT
The sale of shares means that the INWIT free float will rise by a third, supporting improved liquidity, Vodafone said.
In July, Telecom Italia and Vodafone agreed to fold their Italian mobile tower assets into Telecom Italia unit INWIT, a deal which took effect in early April.
BofA Securities, Banca IMI, Goldman Sachs International and UBS acted as joint global coordinators and joint bookrunners.
Shares in Vodafone were marginally lower at 107.20 pence on Thursday in London, while Telecom Italia's shares were up 2.0% at EUR0.34 in Milan.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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