Ardian-led consortium of investors, including Crédit Agricole Assurances, completes the acquisition of the indirect stake in INWIT from TIM

August 4 2022
  • The consortium of institutional investors led by Ardian and including Crédit Agricole Assurance acquired TIM’s 41% stake in the holding company (Daphne 3) that in turn holds 30.2% of INWIT (Infrastrutture Wireless Italiane)
  • With the closing of the transaction, the consortium now holds a 90% stake in Daphne 3 confirming its willingness to be a long-term strategic investor in INWIT

The consortium Ardian, a world’s leading private investment firm, and Crédit Agricole Assurances (CAA), France’s largest insurance group, announced that they have completed the acquisition of an indirect investment in INWIT in accordance with the share purchase agreement signed with TIM on April 14th, 2022. Impulse I, Ardian and CAA’s consortium vehicle, has acquired TIM’s 41% stake in Daphne 3, a holding company set at between TIM and Impulse I and which in turn holds 30.2% stake in INWIT.

With the completion of the deal, Impulse I holds 90% of the share capital of Daphne 3, with full and exclusive control of the company, while TIM retains certain minority rights. Relations between TIM and the consortium are regulated by a specific shareholders’ agreement, the contents of which were disclosed to the market on April 19th 2022. Prior to the closing of the transaction, the shareholders’ agreement in place between TIM, Daphne3, VOD EU and CTHC was terminated.

The transaction has been approved in accordance with Antitrust and Golden Power regulations and it has been structured not to give rise to any form of obligation to launch a public tender offer. In particular, in the context of the transaction, the consortium has undertaken to sell to non-related parties the participation directly and indirectly held in INWIT exceeding the 30% threshold within the 12 months following the closing of the transaction and not to exercise the relevant voting rights.

This investment in Daphne 3 further illustrates the strength of the partnership between TIM, Ardian and Crédit Agricole Assurances and their commitment to supporting INWIT’s ambition to decarbonize digital infrastructures and digitalize the Country while creating a sustainable and inclusive society. INWIT is at the forefront in the integration of ESG practices within the company’s strategy and a leader in the broader European telecom industry.

The transaction implies a valuation of the INWIT share of EUR 10.4275 (ex 2021 dividend, paid in May 2022).

“Our continuous support of one of the European towerco champions INWIT is fully aligned with Ardian Infrastructure’s investment strategy in the digital infrastructure sector. These infrastructures are an essential part of the development of a decarbonized economy, while providing long term inflation linked returns to our investors. Ardian will continue to act, together with Vodafone and TIM, as a long-term partner to further develop INWIT’s growth strategy.” MATHIAS BURGHARDT, HEAD OF ARDIAN INFRASTRUCTURE AND MEMBER OF ARDIAN’S EXECUTIVE COMMITTEE

“Through this transaction, Crédit Agricole Assurances is further strengthening its presence on the infrastructure market in which the group already has significant long-term interests. This reinforcement of our stake in INWIT, the largest Italian Towerco operator together with TIM and Ardian, enabling us to offer additional returns to our policyholders and to invest sustainably in assets that are critical. Finally, this participation meets the societal commitments of the Crédit Agricole group to promote access to digital technology for as many people as possible in the cities and the regions.” PHILIPPE DUMONT, CEO OF CREDIT AGRICOLE ASSURANCES




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