Vodafone to Merge Italian Towers With Telecom Italia's Inwit

Date : 07/26/2019 @ 2:08PM
Source : Dow Jones News
Stock : Vodafone Group Plc (VOD)
Quote : 151.94  -0.48 (-0.31%) @ 11:30AM
Vodafone share price Chart

Vodafone to Merge Italian Towers With Telecom Italia's Inwit

Vodafone (LSE:VOD)
Historical Stock Chart

6 Months : From May 2019 to Nov 2019

Click Here for more Vodafone Charts.
   By Adria Calatayud 
 

Vodafone Group PLC (VOD.LN) will combine its Italian tower unit with Telecom Italia SpA's (TIT.MI) Inwit in a deal that implies an enterprise value for the assets of 5.27 billion euros ($5.87 billion), the companies said Friday.

The U.K. telecommunications company said it will receive EUR2.14 billion and a 37.5% shareholding in the combined entity, which will be listed on the Milan Stock Exchange. Vodafone and TIM intend to retain joint control of Inwit but over time will consider jointly reducing their stake to a minimum of 25.0%, the companies said.

Vodafone and TIM will enter into an agreement which includes a three-year lock-up pact for their respective shareholdings, they said.

The network-sharing partnership is expected to enable faster deployment of 5G over a wider geographic area at a lower cost, Vodafone and TIM said. The companies said they expect cumulative savings of EUR800 million each over the next ten years.

The deal is subject to regulatory approval and is expected to be completed during the first half of 2020, Vodafone said.

 

Write to Adria Calatayud at adria.calatayudvaello@dowjones.com

 

(END) Dow Jones Newswires

July 26, 2019 09:53 ET (13:53 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:us D:20191121 11:45:30