Earlier this year, Telecom Italia agreed to sell the stake in INWIT to a consortium led by the French investment company
The CEO of tower operator Infrastrutture Wireless Italiane (known as INWIT) and four other board directors have resigned after Telecom Italia’s sale of its indirect stake in the company.
Telecom Italia agreed to sell its stake in INWIT to a consortium led by French investment company Ardian. The deal closed on Thursday, meaning that the consortium now owns 90% of holding company Daphne 3, which has a 30.2% stake in INWIT. Telecom Italia holds the outstanding 10%.
INWIT said CEO Giovanni Ferigo and non-executive directors Giovanna Bellezza, Sabrina Di Bartolomeo, Rosario Mazza and Agostino Nuzzolo resigned after the transaction was complete.
Ferigo led INWIT, a spin-off of TIM’s mobile tower operations, since 2018 and oversaw its merger with Vodafone’s mast business in Italy.
According to Reuters, INWIT is to being the process of appointing a new board as soon as this week, scheduling a shareholder meeting by the end of September.