Italy sets terms for RaiWay stake sale, TV towers tie-up

Rai Way SpA

24/05/2024 09:06

(Adds share price reaction, details from paragraph 4)
    By Giuseppe Fonte
       STRESA, Italy, May 24 (Reuters) - 
    Italy has approved a decree enabling state brodcaster RAI to
sell a stake in its tower unit RaiWay  RWAY.MI , as long as the
disposal is compatible with a tie-up of RaiWay with rival EI
Towers, a government source told Reuters.
    Explored for years, a combination between RaiWay and EI
Towers would create a national broadcasting towers champion
worth more than 2 billion euros ($2 billion). 
    The decree confirms an existing obligation for RAI, which
currently owns 65% of Milan-listed RaiWay, to keep a stake of at
least 30% in its tower business, a copy of the document seen by
Reuters showed.
    Shares in RaiWay extended gains after Reuters reported news
of the decree, rising 1.6% by 0753 GMT.
        RAI in January said it planned to raise cash to finance
its new business plan by selling a 15% stake in RaiWay.
  
        EI Towers is 60% owned by Italian infrastructure fund
F2i.
  
        Italy's top commercial broadcaster MFE-MediaForEurope
 MFEB.MI , which is controlled by the family of late media
tycoon and political leader Silvio Berlusconi, holds the
remaining 40%. ($1 = 0.9244 euros)

 (Reporting by Giuseppe Fonte; Writing by Elvira Pollina;
Editing by Valentina Za)
 ((valentina.za@thomsonreuters.com; +39 02 6612 9526;))