INWIT Shareholders Explore $7.1 Billion Take-Private Deal

Major shareholders of Italian telecom tower operator INWIT are reportedly securing financing for a potential take-private deal as the company faces growing contractual tensions with its largest customers.

French private equity firm Ardian and Oak Holdings 1, an investment vehicle backed by Global Infrastructure Partners (GIP), Vodafone and KKR, are considering an offer to acquire INWIT’s remaining publicly traded shares, according to two people familiar with the discussions.

Ardian currently holds a 32% stake in INWIT, while Oak Holdings controls approximately 39%, giving the investors a combined 71% ownership position.

The shareholders are reportedly negotiating financing arrangements with banks to support the potential acquisition. Abu Dhabi-based investment company Mubadala could also participate by acquiring a stake in INWIT as part of the proposed transaction.

However, discussions remain preliminary, and no final agreement has been reached.

Representatives from Ardian, GIP, Vodafone, KKR and Mubadala declined to comment on the reported negotiations. INWIT also stated that it had no information regarding the potential transaction.

INWIT, Italy’s largest mobile telecommunications tower operator, has traded on the Milan stock exchange since 2015. Speculation about a possible buyout intensified in February following reports that Ardian and Brookfield were considering taking the company private.

The latest takeover discussions come amid a significant contractual dispute involving INWIT and its two principal customers, Telecom Italia (TIM) and Swisscom-owned Fastweb.

Both telecommunications companies have initiated procedures to terminate their existing agreements with INWIT, seeking to renegotiate contracts under more favorable commercial conditions.

The dispute has increased uncertainty surrounding INWIT’s future revenue arrangements and business outlook, potentially complicating negotiations over the company's valuation.

Meanwhile, INWIT shares have experienced substantial pressure over the past year. According to LSEG data, the company's market capitalization has declined approximately 27% during that period.

As of Friday's market close, INWIT was valued at approximately $7.1 billion, equivalent to €6.3 billion.

The potential acquisition could represent a significant transaction in Europe's telecommunications infrastructure sector, where private equity investors continue to assess opportunities involving mobile tower assets.

For now, investors are awaiting further developments regarding financing arrangements, potential participation by Mubadala and the outcome of INWIT's ongoing customer contract negotiations.