Telecom Italia aims to sell stake in Vodafone Italian tower tie-up - CEO
BARCELONA (Reuters) - Telecom Italia (TIM) plans to sell a stake in the mobile mast business it is creating in Italy with rival Vodafone to infrastructure funds, the Italian group's chief executive said on Thursday.
BARCELONA (Reuters) - Telecom Italia
The two companies agreed in July to merge their Italian mobile assets under the INWIT business that is currently 60%-owned by TIM. The deal is awaiting European Union antitrust approval and is expected to wrap up in the first half of 2020, INWIT's chief executive said last week.
After the deal, TIM and Vodafone will each have 37.5% stakes in the enlarged INWIT, but have agreed they can jointly reduce their respective holdings to a minimum of 25%.
"We would like to sell a stake to infrastructure funds," TIM Chief Executive Luigi Gubitosi told the Morgan Stanley European Technology Media and Telecoms conference in Barcelona.
Due to currently low returns on bond markets, "there is a large pool of investment moving to alternative investment, so infrastructure funds have plenty of money to deploy," he said.
Communications masts have long been popular among institutional investors because of their steady cash flows.
The deal between Telecom Italia and Vodafone highlights increasing appetite among operators to share or sell parts of their infrastructure to help cut debt and free up cash for investment in the roll-out of next generation 5G networks.
(Reporting by Isla Binnie; Additional reporting by Elvira Pollina in Milan; Editing by Elaine Hardcastle)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
By Arunima Kumar (Reuters) - Aurora Cannabis on Tuesday announced a new round of staff reductions and plans to shut five facilities over the next two quarters, as the COVID-19 pandemic pummels the cash-crunched cannabis industry. For most marijuana companies in Canada, which legalized recreational cannabis in October 2018, profits have proven elusive due to fewer-than-expected retail stores, cheaper rates on the black market and slow overseas growth. The industry has been further hit by the COVID-19 crisis, which has also upended financial markets, making it harder to get investor dollars
NEW DELHI (Reuters) - India has imposed an anti-dumping duty on flat rolled steel products that are plated or coated with alloy of aluminium and zinc originating in, or from China, Vietnam and South Korea, according to a government order https://www.cbic.gov.in/resources//htdocs-cbec/customs/cs-act/notifications/notfns-2020/cs-add2020/csadd16-2020.pdf issued on Tuesday. The duty will be in the range of $13.07-$173.10 per tonne for 5 years, according to the statement
By Diptendu Lahiri (Reuters) - Gold prices surged to their highest since October 2012 on Tuesday, driven by a weakness in the U.S. dollar and widespread monetary stimulus packages by central banks as a jump in coronavirus cases dents the economic outlook