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MarketScreener Homepage  >  Equities  >  Italian Stock Exchange  >  Infrastrutture Wireless Italiane S.p.A.    INW   IT0005090300

INFRASTRUTTURE WIRELESS ITALIANE S.P.A.

(INW)
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Italy's TIM to cash in 1.6 billion euros from sale of INWIT stakes

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06/24/2020 | 03:11pm EDT
FILE PHOTO: Telecom Italia logo is seen at the headquarter in Rozzano neighbourhood of Milan

By Elvira Pollina

Telecom Italia (TIM) said on Wednesday it was set to cash in 1.6 billion euros (1.45 billion pounds) from the sale of direct and indirect stakes in mobile tower group INWIT as the phone group presses ahead with its planned debt reduction.

The deal highlights appetite for telecom network assets providing steady returns to investors at a time of uncertainty due to the coronavirus emergency.

"We are fully convinced that digital networks, which showed their resiliency during the coronavirus crisis, will increase their importance globally", Mathias Burghardt, head of Ardian Infrastructure, said in a statement.

Under the agreement, TIM will sell to a consortium led by French investment firm Ardian 49% of a company where it plans to transfer a 30.2% INWIT holding.

TIM said it had also agreed to sell an up to 3% direct INWIT stake to a vehicle managed by Canson Capital Partners.

TIM, which prior to these deals directly held 33.2% of INWIT, will continue to jointly control of Italy's biggest mast company with rival Vodafone.

The transactions will help TIM to cut its debt, excluding leases, to 19.4 billion euros from 21.7 billion at the end of March.

The former phone monopoly is also in exclusive talks with U.S investment firm KKR for the sale of a 40% stake of its fixed last-mile network.

A source with knowledge of the matter said KKR could make a binding offer for TIM's network asset next month, in a deal that could lay the groundwork for a merger of TIM's fiber assets with those of rival Open Fiber.

(Reporting by Elvira Pollina, editing by Valentina Za and Angus MacSwan)

Stocks mentioned in the article
ChangeLast1st jan.
INFRASTRUTTURE WIRELESS ITALIANE S.P.A. -0.32% 9.285 Delayed Quote.6.70%
KKR & CO. INC. 1.51% 35.01 Delayed Quote.20.02%
TELECOM ITALIA S.P.A. 2.93% 0.3864 Delayed Quote.-32.53%
VIVENDI SE -0.72% 23.54 Real-time Quote.-8.17%
VODAFONE GROUP PLC -0.02% 127.42 Delayed Quote.-13.12%
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Financials
Sales 2020 697 M 795 M 795 M
Net income 2020 243 M 277 M 277 M
Net Debt 2020 3 799 M 4 334 M 4 334 M
P/E ratio 2020 35,1x
Yield 2020 2,42%
Capitalization 8 942 M 10 210 M 10 202 M
EV / Sales 2019
EV / Sales 2020 18,3x
Nbr of Employees 122
Free-Float 42,6%
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Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 10,86 €
Last Close Price 9,32 €
Spread / Highest target 36,3%
Spread / Average Target 16,6%
Spread / Lowest Target 1,45%
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Managers
NameTitle
Giovanni Ferigo Chief Executive Officer, GM & Director
Emanuele Tournon Chairman
Elisa Patrizi Head-Maintenance, Technology & Operations
Emanuela Martinelli Head-Finance & Investor Relations
Filomena Passeggio Independent Director
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