Tim complete the deal with Ardian to sell a further 41% stake in the holding to a consortium of investors led by the investment company Daphne 3, which in turn holds a 30,2% stake in Infrastrutture Wireless Italiane (Inwit). Following the closing of the sale – announced on April 14 – the consortium led by Ardian will therefore have 90% of Daphne 3, while Tim will have the remaining 10%. The value of the operation is 1,3 billion.
Tim completes the sale to Ardian and resigns from the board
Simultaneously with the conclusion of the sale, the board of directors resigned. The chief executive officer Giovanni Ferigo and the non-executive directors Giovanna Bellezza, Sabrina Di Bartolomeo, Rosario Mazza and Agostino Nuzzolo resigned as required by the articles of association. The Board will meet on August 9 to convene the shareholders' meeting which will proceed with the new appointments.
The transaction is based on a valuation of Inwit shares equal to 10,4275 euros per share (ex-dividend 2021, paid in May 2022). The consideration paid to Tim is approximately 1,3 billion euros. Tim has also received repayment of the loan of around €200 million granted to the consortium when Daphne 3 was set up.
Tim and the purchasing consortium have signed a new shareholders' agreement
“The transaction was completed in compliance with the Antitrust and Golden Power regulations”, the companies specify in a note.
“The shareholder agreement between TIM, Daphne 3, Vodafone Europe e Central Tower Holding Company, as direct and indirect shareholders of INWIT, was terminated prior to the closing of the transaction, in accordance with the termination agreement entered into between the parties on August 2022, XNUMX.
Tim and the consortium "have also signed a new shareholders' agreement, which grants TIM certain minority governance rights, both on Daphne 3 and on INWIT, to protect its investment, as is the practice in transactions of this nature", concludes the Note.
