Italian state TV plans to sell up to 15% stake in tower unit Rai Way (updated)

Rai Way SpA

18/01/2024 12:07

(Adds details from statement, background from paragraph 4)
       ROME, Jan 18 (Reuters) - Italian state broadcaster RAI
said on Thursday it plans to sell a stake of up to 15% in its
Milan-listed broadcasting tower unit Rai Way  RWAY.MI  to fund a
three-year business plan.
    RAI will extract value from a minority stake in Rai Way
while retaining the majority of the capital, the broadcaster
said in a statement, adding that the business plan includes
additional spending of 225 million euros ($245 million).
    The state-owned broadcaster currently owns a 65% stake in
Rai Way.
     RAI first floated the possibility of selling part of its
holding in December, drawing criticism earlier this month from a
group of minority investors in Rai Way, according to a letter
seen by Reuters.
    In the statement, RAI said it remained "open to assess
further opportunities to develop Rai Way's business", signalling
the stake sale would not prevent it from exploring a
long-awaited tie-up between the unit and rival EI Towers,
according to a person familiar with the matter.
     According to the group of minority shareholders, which
include investment firms Amber Capital and Artemis, the stake
disposal would extract less value for Rai Way's investors than a
combination with EI Towers. 
    Under a blueprint for the previously discussed merger, Rai
Way investors would have received an extraordinary dividend
worth around 310 million-400 million euros, according to Kepler
analyst calculations.
    
    ($1 = 0.9185 euros)

 (Reporting by Giuseppe Fonte and Elvira Pollina, editing by
Gianluca Semeraro, Kirsten Donovan)
 ((giuseppe.fonte@thomsonreuters.com; +390680307711;))