By Cristina Roca

Telecom Italia SpA said late on Monday that all the conditions to complete the sale of its stake in Infrastrutture Wireless Italiane SpA--also known as Inwit--have been fulfilled.

A consortium led by Ardian agreed earlier this year to buy 41% in holding company Daphne 3, which has a 30.2% stake in wireless network tower operator Inwit. After the closing, the consortium will own 90% of Daphne 3, while Telecom Italia will keep the remaining 10%.

Telecom Italia, Daphne 3, Vodafone Europe and Central Tower Holding Company, have, as direct and indirect shareholders of Inwit, reached an agreement to end their existing shareholders' agreement before the closing of the sale, and no later than Aug. 31.

The Italian telecoms company will receive about 1.3 billion euros ($1.33 billion) for its stake in Daphne 3, plus a loan repayment of about EUR200 million, as already disclosed earlier this year.

Write to Cristina Roca at cristina.roca@wsj.com

(END) Dow Jones Newswires

August 02, 2022 02:04 ET (06:04 GMT)

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