MILAN: Italy's largest phone company, Telecom Italia, is considering a plan to sell assets worth around 2 billion euros ($2.2 billion), including a stake in its separately listed INWIT towers unit, La Repubblica daily said on Wednesday.
Telecom Italia (TIM), which controls 60% of INWIT, agreed with Vodafone in February to study the idea of combining their 22,000 telecom masts in Italy in a single unit.
The INWIT deal merger would involve TIM selling a small stake and also a major refinancing operation that would help TIM to draw a special dividend as well, la Repubblica said. That deal alone could free up 1 billion euros for TIM, it added.
The INWIT plan is part of a three-year strategy forged this year by TIM Chief Executive Luigi Gubitosi to revive the group which is saddled with more than 25 billion euros in debt.
Beyond INWIT, TIM is also looking at selling its data-centre and consumer credit operations, the daily said, adding that the overall plan could be put to the TIM board on Aug. 1. The disposals should be completed by early 2020, it said.
A TIM spokesperson could not be immediately reached for comment.
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