A consortium of institutional investors led by Ardian made an offer to acquire additional 12.382% stake in Infrastrutture Wireless Italiane S.p.A. (BIT:INW) from Telecom Italia S.p.A. (BIT:TIT) for €1.3 billion on March 2, 2022. The Consortium reached the agreement on April 14, 2022. As of August 2, 2022, the conditions to complete the sale have been met.

The completion of the transaction is subject to the fulfilment of certain conditions precedent, including the Antitrust authorization, the authorization under the Golden Power regulations and the dissolution of the shareholders' agreement with Vodafone Europe and Central Tower Holding Company. Vantage Towers has agreed to terminate, effective prior to the closing of the sale of TIM's stake in Daphne 3 and, in any case, no later than 31 August 2022, the INWIT Shareholders Agreement. Vantage Towers maintains a 33.2% shareholding in INWIT's share capital through its fully owned subsidiary CTHC.

The bylaws of INWIT and associated rights of Vantage Towers remain unchanged. Mediobanca Banca di Credito Finanziario S.p.A. (BIT:MB) acted as financial advisor to Telecom Italia S.p.A. (BIT:TIT). Macquarie Capital (USA) Inc. acted as financial advisor to Ardian.

Jean-Baptiste Cornic of Weil, Gotshal & Manges LLP acted as legal advisor to Ardian.