Further to the announcement on 22 April 2020, Vodafone Group Plc (LON:VOD) today announced that, through its wholly-owned subsidiary Vodafone Europe B.V., it has successfully completed the placement of 41.7 million shares of Infrastrutture Wireless Italiane S.p.A. (“INWIT”), equal to approximately 4.3% of INWIT’s share capital, at a price of €9.60 per share, resulting in gross proceeds to Vodafone of approximately €400 million, which will be used to reduce leverage. TIM sold an equal number of shares in the placing.
As a result of this transaction, Vodafone and TIM’s ownership will decrease from 37.5% each to 33.2%. Vodafone and TIM intend to retain joint control and to hold an equal stake in the share capital of INWIT.
As a result of the transaction the INWIT free float will increase by over one third, supporting improved liquidity in the stock.
The settlement of the Sale will take place on 27 April 2020.
BofA Securities, Banca IMI, Goldman Sachs International and UBS acted as joint global coordinators and joint bookrunners on the accelerated bookbuilt offering (the “Joint Bookrunners”).
In connection with the Sale, Vodafone Europe B.V. and TIM, as is customary, have agreed to a 90-day lock-up period with respect to any remaining shares they will hold directly and indirectly in INWIT following the settlement of the transaction. Subject to customary exceptions, no additional sales of shares of INWIT will be made by Vodafone Europe B.V. and TIM during the lock-up period without the prior consent of the Joint Bookrunners (such consent not to be unreasonably withheld).