- Telecom giant Vodafone has announced the successful completion of the placement of 41.7 million shares of Infrastrutture Wireless Italiane (INWIT) through its wholly-owned subsidiary Vodafone Europe B.V., resulting in gross proceeds to Vodafone of approximately €400m.

The share placement is equal to approximately 4.3% of INWIT's share capital, at a price of €9.60 per share, with the settlement of the sale due to take place on 27 April 2020.

Vodafone said the proceeds of the sale will be used to reduce leverage.

TIM sold an equal number of shares in the placing, which means that Vodafone and TIM's ownership has decreased from 37.5% each to 33.2%.

Vodafone and TIM said they intend to retain joint control and to hold an equal stake in the share capital of INWIT.

As a result of the transaction, the INWIT free float will increase by over one third, supporting improved liquidity in the stock.

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