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Vodafone Places 41.7 Mln INWIT Shares At EUR 9.60 Per Share - Quick Facts

British telecom major Vodafone Group Plc (VOD.L,VOD) said Thursday that it has successfully completed the placement of 41.7 million shares of Infrastrutture Wireless Italiane S.p.A. or INWIT at a price of 9.60 euros per share.

The company completed the placement through its wholly-owned subsidiary Vodafone Europe B.V.

The shares are equal to about 4.3 percent of INWIT's share capital. The sale has resulted in gross proceeds to Vodafone of about 400 million euros, which will be used by the company to reduce leverage.

Vodafone said that TIM also sold an equal number of shares in the placing. As a result of the transaction the INWIT free float will increase by over one third, supporting improved liquidity in the stock, Voadfone noted.

BofA Securities, Banca IMI, Goldman Sachs International and UBS acted as joint global coordinators and joint bookrunners on the accelerated bookbuilt offering.

The settlement of the sale will take place on 27 April 2020.

Following the transaction, Vodafone and TIM's ownership in INWIT will decrease from 37.5 percent each to 33.2 percent. Vodafone and TIM intend to retain joint control and hold an equal stake in the share capital of INWIT.

In connection with the sale, Vodafone Europe B.V. and TIM have agreed to a 90-day lock-up period with respect to any remaining shares they will hold directly and indirectly in INWIT following the settlement of the transaction.

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