MILAN, April 23 (Reuters) - Telecom Italia (TIM) and Vodafone have completed the sale of a stake of more than 8% in Italy’s biggest mobile tower company INWIT, the Italian phone group said on Thursday.
TIM said in a statement it had raised around 400 million euros ($433 million) by selling a 4.3% stake at 9.6 euros per share. It will use the proceeds to cut debt.
“Vodafone sold an equal number of shares in the placing,” it added.
After the sale Vodafone and TIM will each hold 33.2% of INWIT, down from an initial stake of 37.5%, and intend to retain joint control.
$1 = 0.9240 euros Reporting by Stephen Jewkes, editing by Giulia Segreti