Tim Completes Sale of Remaining Stake in Daphne to Ardian
Deal News | Dec 03, 2024 | Legal Community Italy
In a significant financial transaction, Chiomenti has facilitated the completion of Impulse I consortium's acquisition, led by Ardian, of the remaining 10% stake held by Tim in the holding company Daphne. Daphne holds a significant 30.8% share in Inwit, an influential company in wireless infrastructure. The agreement for this acquisition was finalized in August 2024, with the total value of the deal amounting to approximately 250 million euros. To manage the legal complexities, Chiomenti, Ardian's legal advisor, assembled a team led by partners Mario Roli and Elena Busson, who tackled the legal and fiscal aspects alongside other associates. Tim was advised by Gatti Pavesi Bianchi Ludovici, with their team encompassing specialists like equity partner Stefano Valerio and partners Federica Munno and Carlotta Marconi. Ashurst, as legal counsel for the financiers, guided the modifications to the financing agreements related to Impulse I's earlier indirect investment in Inwit in 2022, with a multi-jurisdictional team spearheaded by partner Carloandrea Meacci. This deal represents a strategic consolidation in the wireless infrastructure sector, facilitating Ardian's deeper penetration into this market segment.
Sectors
- Private Equity
- Telecommunications
- Legal Services
Geography
- Italy – The entire transaction, including the companies involved such as Inwit and Tim, as well as the legal advisors, are based in Italy.
- Multi-Jurisdictional – Legal and financial advisors engaged in multi-jurisdictional tasks indicating cross-border elements within the acquisition process.
Industry
- Private Equity – Involves the acquisition of a significant stake by Ardian's consortium in a corporate structure, showcasing a typical PE endeavor of controlling or investing heavily into firms.
- Telecommunications – The transaction involves Inwit, a leader in wireless infrastructure, thus directly affecting the telecommunication sector.
- Legal Services – Multiple law firms including Chiomenti, Gatti Pavesi Bianchi Ludovici, and Ashurst played crucial roles in advising and structuring this complex deal.
Financials
- 250 million euros – The value of the deal for the acquisition of Tim's remaining 10% stake in Daphne by Ardian's consortium.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Ardian | Bidding Company | Company | A private investment house leading the Impulse I consortium to acquire shares in Daphne. |
| Tim | Selling Company | Company | The telecommunications company selling its remaining 10% stake in Daphne. |
| Daphne | Target | Company | The holding company in which Ardian's consortium acquired a 10% stake from Tim. |
| Chiomenti | Legal Advisor | Company | Provided legal advice to Impulse I consortium led by Ardian. |
| Gatti Pavesi Bianchi Ludovici | Legal Advisor | Company | Legal advisors assisting Tim in the sale of its stake in Daphne. |
| Ashurst | Legal Advisor | Company | Assisted financiers with legal services concerning financing modifications. |
| Inwit | Other | Company | Company in which Daphne holds a significant share, impacting the wireless infrastructure market. |