Tim and Vodafone have successfully completed the sale of 8% of Inwit. A 4% stake in Inwit (Infrastrutture Wireless Italiane SpA) held by each of the two telephone companies was placed on the market through an accelerated bookbuilding procedure, reserved for institutional investors. Vodafone and Telecom they currently hold a stake each of 37,5% of the share capital of Inwit and, following the completion of the offer, they will continue to maintain joint control and to hold an equal shareholding in the share capital of the company, and reserve the right to early close the offer and/or to vary its terms at any time. To be exact, the shares of Tim and Vodafone in Inwit will fall to 33,2% with pwer revenues of 400 million euros each, having sold 4,3% of Inwit at 9,60 euros per share
Tim has communicated that he intends use the proceeds to deleverage. The shares were therefore placed with qualified Italian and foreign institutional investors. Within the offer, BofA Securities, Banca IMI, Goldman Sachs International and UBS are acting as joint global coordinators and joint bookrunners.
In the context of the offer, Vodafone Europe BV and Tim have assumed, in line with market practice, a lock-up commitment on the residual shares held directly and indirectly in Inwit for a period of 90 days from the settlement date of the transaction. During this lock-up period, subject to certain exceptions in line with market practice, Vodafone Europe BV and Tim will not be able to carry out any act of disposal of the company's shares without the prior consent of the Joint Bookrunners (which will not be unreasonably withheld ).
