Amwal Al Ghad English - 2013-11-28 09:21:07
Telecom Italia SpA (TIT) is working with Morgan Stanley to sound out interest in its mobile-phone towers in Brazil from potential bidders such as American Tower Corp. (AMT), according to people familiar with the matter.
Telecom Italia, which has about 7,000 towers in Brazil through its Tim (TIMP3) Participacoes SA unit, is also analyzing internally how to sell its about 12,000 wireless towers in Italy, the people said, asking not to be identified because the deliberations are private. The Brazilian assets could raise about 700 million euros ($951 million), one of the people said.Ei Towers SpA (EIT), controlled by former Italian Premier Silvio Berlusconi’s Mediaset SpA; F2i SGR SpA, led by former Telecom Italia executive Vito Gamberale; and Spain’s Abertis Infraestructuras SA (ABE) are among potential bidders for the Italian towers, according to the people. The towers could be worth 500 million euros to 1 billion euros, Bloomberg reported in September.Chief Executive Officer Marco Patuano has been pushing to trim Milan-based Telecom Italia’s debt, which was cut to junk by Moody’s Investors Service and Standard & Poor’s after he took over last month. He told Bloomberg News last week that the company can return to investment-grade within three years by reviving its domestic business and cutting its $38 billion in net debt -- more than double its market value.
Officials at Telecom Italia and Morgan Stanley (MS) declined to comment on the towers’ sale. Representatives for Ei Towers, F2i Fund, Abertis and American Tower also declined to comment on their potential interest. More»