# Exclusive-Ardian explores taking Italian tower operator INWIT private-sources
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2023-03-23
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: French Firm Ardian Contemplates Bid for INWIT: Sources
Meta Description: Explore the potential takeover of INWIT by Ardian, aiming to bring in a co-investor. Competition intensifies in Europe's telecom tower market.
URL: https://financedigest.com/exclusive-ardian-explores-taking-italian-tower-operator-inwit-private-sourceshtml

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By Milana Vinn and Amy-Jo Crowley

(Reuters) – French investment firm Ardian is in the early stages of exploring a bid for Italy’s INWIT, the country’s top telecommunications tower operator with a market value of 11 billion euros ($12 billion), according to people familiar with the matter.

Ardian, which is the second largest shareholder in INWIT behind European tower company Vantage Towers AG, wants to take INWIT private and is working with advisers at JPMorgan Chase & Co on a potential offer, the people said.

Europe has seen infrastructure investors compete for a slice of its largest towers networks, partly because of their stable cash yield and [long-term contracts](https://www.financedigest.com/hermes-secures-long-term-contract-extension-with-kingstown-associates.html "Hermes secures long-term contract extension with kingstown associates"). [Deutsche Telekom](https://www.financedigest.com/deutsche-telekom-reaches-majority-stake-in-t-mobile-u-s-ceo.html "Deutsche Telekom reaches majority stake in T-Mobile U.S. – CEO") last year sold 51% of its tower business Funkturm to a consortium of Canada’s Brookfield and U.S. [private equity](https://www.financedigest.com/4-trends-that-will-have-a-major-impact-on-private-equity-in-2021.html "4 Trends that will have a major impact on private equity in 2021") firm DigitalBridge.

Any offer for INWIT could take [months to materialise as preparations remain](https://www.financedigest.com/6-months-to-go-until-brexit-and-investor-sentiment-remains-bold.html "6 months to go until Brexit and investor sentiment remains bold") at a preliminary stage, one of the people said. Ardian is considering bringing in a co-investor to help [fund a bid](https://www.financedigest.com/musk-secures-46-5-billion-in-funding-for-twitter-bid.html "Musk secures .5 billion in funding for Twitter bid"), given the size of the deal, this person added.

The shareholding of Vantage Towers is a [potential hurdle to a deal as the company](https://www.financedigest.com/factbox-companies-potentially-affected-by-italys-election.html "Factbox: Companies potentially affected by Italy’s election") is understood to view itself as a “long-term holder” of INWIT, one of the sources said.

Ardian has a [stake of around 30%](https://www.financedigest.com/greece-considers-listing-30-stake-in-athens-airport.html "Greece considers listing 30% stake in Athens airport") and Vantage has 33%.

The [sources cautioned that an offer](https://www.financedigest.com/credit-suisse-offers-higher-deposit-rates-in-asia-to-woo-the-wealthy-sources.html "Credit Suisse offers higher deposit rates in Asia to woo the wealthy – sources") is not certain and asked not to be identified because the deliberations are confidential.

Ardian, Vantage Towers, INWIT and JPMorgan declined to comment.

Born as a spin-off of TIM’s mobile tower operations, INWIT merged in 2020 with Vodafone’s mast business in [Italy to create](https://www.financedigest.com/italy-jan-jobless-rate-edges-up-to-7-9-with-35000-jobs-created.html "Italy Jan jobless rate edges up to 7.9%, with 35,000 jobs created") a national champion in charge of over 23,000 towers.

INWIT generates the bulk of its revenue through [long-term contracts](https://www.financedigest.com/axion-swiss-bank-and-avaloq-sign-long-term-contract-for-bpo-services.html "Axion Swiss Bank and Avaloq sign long-term contract for BPO services") with wireless carriers to host their respective mobile antenna infrastructure on its masts.

Vantage is itself the target of an offer to take it private from a joint venture formed by Vantage shareholder Vodafone and a consortium including [KKR and Global Infrastructure Partners](https://www.financedigest.com/kkr-sells-50-stake-in-spains-x-elio-to-partner-brookfield.html "KKR sells 50% stake in Spain’s X-elio to partner Brookfield").

(Reporting by Milana Vinn in New [York and Amy-Jo Crowley in London; Additional reporting by Elvira Pollina in Milan;Editing by Elaine Hardcastle)](https://www.financedigest.com/new-york-catches-up-with-london-to-head-citys-global-centres-survey.html "New York catches up with London to head City’s global centres survey")


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