Telecom Italia has announced plans to list part of its wireless infrastructure on Italy’s stock exchange.
The operator is making 40 percent of Infrastrutture Wireless Italiane (INWIT) public as it looks to fund an investment drive in its core business.
INWIT owns and operates approximately 11,5000 mobile towers around Italy, which it leases to other mobile operators.
Telecom Italia transferred ownership of the towers from its asset base to INWIT in advance of this move earlier this year.
It did not disclose any share price valuation for the offering and said the approval process with the Italian Securities and Exchange Commission was ongoing.
Last year, the operator sold off 6,400 telecommunication towers in Brazil to the American Tower Group for over €900 million.
The operator has set aside €5 billion for new innovations and €500 million for FTTH and FTTC technologies, for example.
The IPO follows the issuing of new equity bonds in order to help fund the capex drive.
The operator saw revenue losses slow in the first quarter of 2015, with sales down 2.6 percent and EBITDA down 7.7 percent.
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