Cleary Gottlieb acted as international counsel to Infrastrutture Wireless Italiane S.p.A. (INWIT) and to the selling shareholder Telecom Italia in INWIT’s initial public offering. The IPO was launched on June 8, 2015 and the shares were admitted to trading on the MTA (Mercato Telematico Azionario) of the Italian Stock Exchange starting June 22, 2015. INWIT placed 218,000,000 shares at an initial offer price of €3.65 per share. An over-allotment option was exercised for the purchase of an additional 21,800,000 shares.
The global offering included an offering to the public in Italy and a placement aimed at Italian and foreign institutional investors pursuant to Regulation S and to qualified institutional buyers in the U.S. pursuant to Rule 144A under the U.S. Securities Act of 1933.
The Joint Global Coordinators for the global offering to institutional investors were Banca IMI, Deutsche Bank, and Mediobanca—Banca di Credito Finanziario which, together with UBS Investment Bank, each acted as Joint Bookrunner. In addition, Banca IMI acted as Leading Manager for the Italian public offering and as sponsor for the listing on the MTA.
INWIT operates in the wireless network infrastructure sector in Italy. INWIT received its tower business from Telecom Italia on March 26, 2015, effective as of April 1, 2015, and believes it has the most extensive site network in Italy. INWIT offers a full range of hosting services on its sites, ranging from tower rental services and maintenance services to monitoring and safety activities.