22nd Apr 2020 17:45
(Alliance News) - Vodafone Group PLC said Wednesday it intends to sell around 80 million shares in Italian mobile towers owner Infrastrutture Wireless Italiane Spa, jointly with Telecom Italia Spa, with the cash proceeds to go towards reducing leverage.
The 80 million share sale is expected to be worth around EUR858.40 million in total, as per the EUR10.73 closing stock price of Infrastrutture Wireless Italiane.
Vodafone and Telecom Italia hold 38% stake each in Infrastrutture Wireless Italiane, and the 80 million shares to be offered through an accelerated bookbuild makes up 8% of Infrastrutture Wireless Italiane's entire issued share capital.
In July, Telecom Italia and Vodafone agreed to fold their Italian mobile tower assets into Telecom Italia's 60%-owned unit Infrastrutture Wireless Italiane, a deal which took effect in early April.
The total number of shares sold, as well as the price per share will be announced after the process is completed.
BofA Securities, Banca IMI, Goldman Sachs International and UBS are acting as joint global coordinators and joint bookrunners.
Shares in the telecommunication firm Vodafone closed 1.3% higher at 107.22 pence on Wednesday in London. Telecom Italia's shares closed 0.5% lower at EUR0.34 in Milan.
By Dayo Laniyan; [email protected]
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