June 24, 2020 / 6:10 PM / 21 days ago

Italy's TIM to cash in 1.6 bln euros from sale of INWIT stakes

MILAN, June 24 (Reuters) - Telecom Italia (TIM) said on Wednesday it was set to cash in 1.6 billion euros ($1.8 billion) from the sale of direct and indirect stakes in Italy’s biggest tower group INWIT.

TIM said it had agreed to 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 the masts company with Vodafone.

The transaction will help TIM to cut its debt, excluding leases, to 19.4 billion euros from 21.7 billion at the end of March. ($1 = 0.8876 euros) (Reporting by Elvira Pollina, editing by Valentina Za)

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