INWIT Take-Private Financing Advances as Ardian, KKR-Backed Oak Line Up Banks
KKR is trading near its 52-week low of $82.67 (9.5% above the low).
Summary
Ardian and Oak Holdings 1—backed by GIP, Vodafone, and KKR—are arranging financing with banks for a potential take-private of INWIT, Italy's largest mobile tower company. Ardian controls 32% and Oak Holdings 39%, with Mubadala expected to take a stake as part of the plan. The move comes amid a contractual dispute with INWIT's two main customers, TIM and Fastweb, both of which have initiated termination procedures to renegotiate terms. INWIT's market value has fallen about 27% over the past year to $7.1 billion. Deliberations are ongoing and no deal is certain, but the financing discussions signal serious intent from the controlling shareholders.
At the time of this announcement, KKR was trading at $90.51 on NYSE in the Finance sector, with a market capitalization of approximately $81.6B. The 52-week trading range was $82.67 to $144.84. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.