Inwit on top of Ftse Mib, wait for Ardian-Brookfield moves

 (Il Sole 24 Ore Radiocor) - New rumours about a possible reorganisation and the wait for the moves of shareholder Ardian are pushing the towers of Inwit in Piazza Affari. The stock of the telecommunications infrastructure operator is leading the main Milan stock exchange, thus recovering some of the sharp declines seen last week.

Its shares had in fact dropped 19.6% in the previous eighth week, after the agreement - described by analysts as a 'clear threat' to its business - between Tim and Fastweb + Vodafone for the construction and operation of new mobile phone towers in Italia.

Giving breath to the tower company's quotations is an article in Il Sole 24 Ore, which relaunches the rumours that emerged in mid-February about a possible new operation in the tlc sector, which sees Inwit itself as the protagonist. Not least because the recent collapse in share prices would make the operation more convenient. According to the newspaper, the Ardian partner is in discussions with the Canadian infrastructure fund Brookfield Asset Management to launch a joint offer and rise to 100% of the group. The consortium could also be joined by the US investment bank Jp Morgan.

Ardian, which has been present with an indirect stake since October 2020, currently holds about 31% in the tower company's capital, through the holding company Daphne and together with co-investor Crédit Agricole Assurance. Any move on its part, however, will have to reckon with Inwit's other major shareholder, the Dutch holding company Central Tower Holding Company (with 37.6%), which in turn is co-controlled by Vodafone Gmbh and Oak Consortium, and whose shareholders include the Gip and Kkr funds.

"The operation," Intermonte explains, "could encounter political resistance, especially on a full takeover of the tower company" and after Poste's Opas on Tim. The company, as the Sun also points out, in fact manages assets considered strategic and a 100% control could become a sensitive dossier under the golden power profile. "Despite the recent sell-off of the stock and the continuous rumours about a possible takeover by infrastructure funds," says Intermonte, "the uncertainty in the relationships with anchor tenants (who contribute 85% of Inwit's revenues) and the risk of litigation are worsening the risk/return profile".