Wind Delays Italian Tower Sale

Italian telecoms operator, Wind has decided to postpone the sale of its transmission towers, citing difficult market conditions. Wind has combined its tower operations with those of rival operator, Hutchison 3G and planned a joint sale to raise between EUR1.5 billion to EUR2 billion (US$2.2 - US$2.8 billion). The sale involves around 18,000 towers.

"We still believe the deal makes sense from an industrial point of view, but from a financial point of view it might not be the right moment," Gubitosi said in a conference call with analysts.

Spanish infrastructure operator Abertis Infraestructuras had presented an indicative offer for Wind and 3 Italia towers, together with Italian private equity firm Clessidra Capital Partners in June, while Italian infrastructure company Atlantia has reportedly decided not to tender an offer.

U.S. buyout shop TPG has also made a non-binding offer, bidding through France's TDF SA, which it owns jointly with French insurer AXA.

Posted to the site on 7th September 2008