Deals
Cellnex, F2i Said Close to Bidding for Telecom Italia Unit
- Offer for 40 percent stake in Inwit valued at $1.2 billion
- Italian law may force bidders to make a full takeover offer
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Cellnex Telecom SAU is nearing a bid with infrastructure fund F2i SGR SpA for a stake in Telecom Italia SpA’s wireless-tower unit to expand its holdings in the country, according to people familiar with the matter.
The two companies are preparing an offer together as early as the second week of December to purchase a stake of about 40 percent in Milan-based Inwit SpA, said the people, who asked not to be named because the project is private. A 40 percent stake of Inwit would be valued 1.1 billion euros ($1.2 billion) at Tuesday’s closing price. Italian law requires companies that bid for more than 25 percent of a firm that size to offer to buy all the shares.