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Italy's INWIT calls meeting to pick board of new tower group with Vodafone

Reuters
·1-min read

ROME (Reuters) - INWIT <INWT.MI>, the tower unit of Telecom Italia <TLIT.MI> said on Thursday it would call a shareholder meeting on March 20 to appoint the board of the new company that will be created after a merger with Vodafone's mobile tower <VOD.L> business in Italy.

Telecom Italia (TIM) and Vodafone agreed in July to fold their Italian mobile tower assets into TIM mast unit INWIT to cut debt and free up cash for the roll-out of next generation 5G networks, keeping joint control of the new entity.

The 10 billion euro (£8 billion) tie-up is under the scrutiny of the European antitrust authority.

A source close to the matter said the decision was a signal that the review of the deal was moving ahead without any hitches.

(Reporting by Elvira Pollina, writing by Giulia Segreti)