Vodafone Group Plc MERGER VODAFONE ITALY TOWERS INTO INWIT COMPLETED (6352H)
March 26 2020 - 2:00AM
UK Regulatory
TIDMVOD
RNS Number : 6352H
Vodafone Group Plc
25 March 2020
25 March 2020
MERGER OF VODAFONE ITALY TOWERS INTO INWIT COMPLETED
Vodafone, Telecom Italia Group ("TIM"), and INWIT today
completed the merger of Vodafone Italy's towers into INWIT.
INWIT is now Italy's largest tower operator and will focus on
maximising tower utilisation whilst also supporting the deployment
of TIM and Vodafone Italy's respective 5G networks.
The merger will be effective as of 31 March 2020, as will TIM
and Vodafone's service contracts and active 5G sharing
agreements.
Following the merger, TIM and Vodafone will each retain a 37.5%
stake in INWIT. Vodafone and TIM intend to retain joint control,
but over time will consider jointly reducing their respective
ownership levels to a minimum of 25.0%.
On 31 March, Vodafone will receive 360,200,000 ordinary INWIT
shares and cash proceeds of EUR2,140 million, which will be used to
reduce net debt.
- ends -
Fo r further information:
Vodafone Group
Media Relations Investor Relations
www.vodafone.com/media/contact ir@vodafone.co.uk
About Vodafone Group
Vodafone Group is one of the world's leading telecoms and
technology service providers. We have extensive experience in
connectivity, convergence and the Internet of Things, as well as
championing mobile financial services and digital transformation in
emerging markets.
Vodafone Group has mobile operations in 24 countries, partners
with mobile networks in 42 more, and fixed broadband operations in
19 markets. As of 31 December 2019, Vodafone Group had
approximately 625 million mobile customers, 27 million fixed
broadband customers and 22 million TV customers, including all of
the customers in Vodafone's joint ventures and associates. For more
information, please visit: www.vodafone.com .
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