Vodafone Group Plc MERGER VODAFONE ITALY TOWERS INTO INWIT COMPLETED (6352H)

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RNS Number : 6352H

Vodafone Group Plc

25 March 2020

25 March 2020

MERGER OF VODAFONE ITALY TOWERS INTO INWIT COMPLETED

Vodafone, Telecom Italia Group ("TIM"), and INWIT today completed the merger of Vodafone Italy's towers into INWIT.

INWIT is now Italy's largest tower operator and will focus on maximising tower utilisation whilst also supporting the deployment of TIM and Vodafone Italy's respective 5G networks.

The merger will be effective as of 31 March 2020, as will TIM and Vodafone's service contracts and active 5G sharing agreements.

Following the merger, TIM and Vodafone will each retain a 37.5% stake in INWIT. Vodafone and TIM intend to retain joint control, but over time will consider jointly reducing their respective ownership levels to a minimum of 25.0%.

On 31 March, Vodafone will receive 360,200,000 ordinary INWIT shares and cash proceeds of EUR2,140 million, which will be used to reduce net debt.

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Vodafone Group

 
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About Vodafone Group

Vodafone Group is one of the world's leading telecoms and technology service providers. We have extensive experience in connectivity, convergence and the Internet of Things, as well as championing mobile financial services and digital transformation in emerging markets.

Vodafone Group has mobile operations in 24 countries, partners with mobile networks in 42 more, and fixed broadband operations in 19 markets. As of 31 December 2019, Vodafone Group had approximately 625 million mobile customers, 27 million fixed broadband customers and 22 million TV customers, including all of the customers in Vodafone's joint ventures and associates. For more information, please visit: www.vodafone.com .

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March 26, 2020 03:00 ET (07:00 GMT)