(Finance) – TIM communicated that the conditions precedent at the closing of the sale agreement were met of Daphne 3 shares (company that holds 30.2% of the capital of INWIT) signed on April 14, 2022 between the former state monopolist and a consortium of investors led by Ardian, the world’s leading private investment company.
TIM, Daphne 3, Vodafone Europe and Central Tower Holding Company, as direct and indirect shareholders of INWIT, have entered into a termination agreement of the existing shareholders’ agreement between them. The agreement will be resolved before the closing of the sale of the stake in Daphne 3 and, in any case, at the latest on August 31, 2022.
As already communicated, the consortium led by Ardian will hold a 90% stake of the capital of Daphne 3, while TIM will keep the remaining 10% of the capital. Against the sale of 41% of the capital of Daphne 3, TIM will collect approximately € 1.3 billion, in addition to the repayment of the loan for approximately € 200 million, granted by TIM in 2020 at the time of the establishment of Daphne 3.
The termination of the INWIT Agreement and the closing of the transaction will not give rise to any obligation to make a takeover bid (takeover bid) on INWIT, a company listed on Euronext Milan and active in the electronic telecommunications infrastructure sector.
The Ardian-led consortium will hold full and exclusive control of Daphne 3, while TIM will be granted some minority governance rightsboth on Daphne 3 and on INWIT, in order to protect the investment made, we read in a note.