TIM Group develops 4G and 5G mobile network and fibre network infrastructure. Credit: Shutterstock

Telecom Italia (TIM) has sold its remaining stake in mobile tower operator Infrastrutture Wireless Italiane. 

The deal is worth approximately €250m ($273m) and comes as the company continues its drive to de-leverage and boost cash flow. 

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An agreement has been signed with Ardian and Daphne 3 to sell the residual stake with proceeds expected in the fourth quarter. 

TIM offers fixed and mobile telephony services and products for communication and entertainment. The company sold its indirect holding of around 3% in the tower company to a group led by French private equity firm Ardian SAS. 

Ardian is a world-leading private investment house, managing or advising $166bn of assets on behalf of more than 1,650 clients globally. 

The investor’s expertise spans rivate equity, real assets and credit, and says its goal is “to deliver excellent investment performance combined with high ethical standards and social responsibility. [We] are determined to make finance a force for good in society.” 

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The proceeds are based on a share price for Inwit of €10.43 and were not included in Telecom Italia’s 2024 guidance. 

The deal has caused a rise in TIM’s share price, which rose as much as 1.7% in early trading in Milan on Tuesday (13 August). 

US private equity firm KKR & Co purchased TIM’s fixed-line network in July following months of drawn-out negotiations in a landmark sale that saw a valuation of €22bn, including approximately €3bn in earn-outs.  

By selling the most valuable asset, the grid, Telecom Italia has reduced its debt and streamlined its business to compete in one of the world’s most competitive markets for phone carriers. 

Telecom Italia’s statement says the deal was agreed “including certain customary protections applicable after signing. The closing of the transaction is subject to certain conditions” which the company has not yet disclosed.