Ardian and KKR-backed investors explore €6.3bn INWIT take-private

Ardian and a consortium of investors led by Oak Holdings 1 are working on financing arrangements for a potential take-private of Italian telecom tower operator INWIT, as the company faces contractual disputes with its two largest customers, according to a report by Reuters.

The investors are considering an offer to acquire the shares they do not already own in INWIT, according to people familiar with the discussions. Oak Holdings 1 is backed by Global Infrastructure Partners (GIP), Vodafone and KKR, while French private equity firm Ardian is another key shareholder.

Ardian holds a 32% stake in INWIT, with Oak Holdings owning 39%. The two groups are in talks with banks about financing a possible transaction, with Abu Dhabi-based sovereign investor Mubadala also expected to acquire a stake in the company under the proposed arrangement, one source said.

Discussions remain ongoing and no final decision has been made, the sources cautioned. Ardian, GIP, Vodafone, KKR and Mubadala declined to comment, while INWIT said it had no information about the potential deal. GIP is part of BlackRock.

INWIT, which listed in Milan in 2015, has been the subject of takeover speculation since February, when reports suggested Ardian and Brookfield were considering taking the business private.

The potential transaction comes as INWIT faces challenges involving Telecom Italia (TIM) and Swisscom-owned Fastweb, its two largest customers. Both operators have initiated procedures to terminate their existing tower agreements as they seek to renegotiate the contracts on more favourable terms.

The dispute has added pressure to INWIT’s valuation. The company’s market capitalisation stood at approximately €6.3bn ($7.1bn) at Friday’s close, representing a decline of around 27% over the past 12 months, according to LSEG data.