Published by Global Banking & Finance Review®
Posted on March 24, 2026
3 min readLast updated: March 24, 2026
Add as preferred source on GoogleINWIT shares surged ~9% on March 24, 2026, after reports that Ardian and Brookfield are exploring a take‑private bid, despite contract disputes with anchor clients TIM and Fastweb.
MILAN, March 24 (Reuters) - Shares of Italy's largest mobile telecom towers company, INWIT, rose as much as 9% on Tuesday after Il Sole 24 Ore newspaper reported that French fund Ardian was still working on a potential bid together with Brookfield to take INWIT private.
Ardian is working with advisers on a range of options for INWIT, two people close to the matter told Reuters, adding the price of a potential bid posed a hurdle and no decision had been taken, despite efforts to reach a decision by early April.
The sources said the situation around a potential takeover approach was complex as INWIT remained at odds with its main customers Telecom Italia (TIM) and Fastweb over the terms of key service contracts.
Ardian declined to comment. Brookfield did not immediately respond to a Reuters request for comment.
INWIT, which has been listed since 2015, has been the subject of takeover speculation since a report in French media last month said that infrastructure fund Ardian, INWIT's second-biggest shareholder, and its partner Brookfield were interested in taking the Italian company private.
Ardian owns a 31% stake in INWIT.
Born as a spin‑off of TIM's mobile tower assets, INWIT merged in 2020 with Vodafone's Italian mast business. Fastweb inherited the related contract with INWIT through its acquisition of Vodafone Italy.
INWIT shares lost nearly 29% last week after Fastweb and TIM launched a joint venture to build up to 6,000 towers as part of a push to renegotiate contracts with INWIT.
INWIT is resisting the move to renegotiate contracts, saying it would be an unbalanced and unjustified revision of the original terms of the contracts.
The contracts generate nearly 85% of INWIT's revenue.
TIM and Fastweb could issue a contract termination notice by the end of March, based on the anchor tenants' interpretation that the current agreements could end in 2028. INWIT sees no legal ground to support such a move.
Equita noted that renewed interest from Ardian and other potential bidders appeared credible, as a deal could help the fund reduce its average entry valuation, which currently stands at more than double INWIT’s present market multiple.
However, broker Intermonte warned that potential legal disputes with INWIT’s main clients could weigh on the company’s prospects, and any de‑listing attempt would be complicated by uncertainties surrounding arrangements with its anchor tenants.
(Reporting by Elvira Pollina and Valentina Za; Editing by Susan Fenton)
INWIT shares rose after reports surfaced that Ardian and Brookfield are considering a bid to take INWIT private.
Uncertainty comes from ongoing contract disputes with INWIT's main customers, Telecom Italia and Fastweb, as well as the high bid price.
French fund Ardian, the second-largest shareholder with a 31% stake, and Brookfield are reportedly considering taking INWIT private.
About 85% of INWIT's revenue comes from service contracts with anchor tenants Telecom Italia and Fastweb.
Potential legal disputes with INWIT’s main clients and uncertainties over contract terminations could complicate any privatisation attempts.
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