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Telecom Italia tower unit Inwit files for IPO
2015-03-17 08:57:00| Telecompaper Headlines
(Telecompaper) Telecom Italia has announced that it has filed the application for an IPO of its tower unit Inwit with market regulator Consob. The company confirmed in a statement that it would retain a majority stake in Inwit after the listing of its shares on the Milan stock exchange. It added that the asset would be made up of 11,500 mobile phone towers and that the IPO would be coordinated by Banca IMI and Deutsche Bank. At the presentation of Telecom Italia's 2015-2017 strategy plan last month, company CEO Marco Patuano said the plan was to list Inwit before the summer in a bid to raise up to EUR 1 billion to cut debt and fund investments. Telecom Italia recently sold the mobile phone towers of its Brazilian unit TIM Brasil to American Tower Corp for close to the full targeted figure of EUR 900 million.
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Category:Telecommunications
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