Tim and Ardian have reached an agreement for the acquisition by a consortium led by Ardian of a 41% stake held by Tim in the holding company Daphne 3, which currently holds a 30.2% stake in Wireless Infrastructure Italian (Inwit). Upon completion of the transaction, the consortium led by Ardian will hold 90% of the capital of Daphne 3. The agreement reached is based on a valuation of the Inwit share equal to € 10.75 (cum dividend), and corresponds to a collection for Tim of approximately € 1.3 billion, in addition to the repayment of the loan for approximately € 200 million, granted by Tim at the time of the initial acquisition in 2020. The agreements have been structured in such a way as not to give rise to any obligation takeover bid (takeover bid).
Following the closing, the note reads, Ardian will hold full and exclusive control of Daphne 3, while Tim will be granted certain minority governance rights, both over Daphne 3 and Inwit, in order to protect the investment made. The completion of the transaction is subject to the fulfillment of certain conditions precedent, including the Antitrust authorization, the authorization pursuant to the Golden Power regulations and the dissolution of the shareholders’ agreement with Vodafone Europe and Central Tower Holding Company.