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Ardian eyes Italian tower operator deal

French private equity investment firm Ardian has begun exploring a possible bid to take INWIT, an Italian-based telecoms tower operator, private at a market value of around €11 billion, according to a report by Reuters.

Unnamed Reuters sources say that Ardian, which is the INWIT’s second largest shareholder with a stake of around 30% behind European tower company Vantage Towers AG (33%), is working with advisers at JPMorgan Chase & Co on a potential offer.

Shares in INWIT jumped by as much as 4.8% to a record high of €11.87 in Milan on Thursday morning when news of a possible deal emerged, according to Reuters.

Ardian is at an early stage in its preparation for a bid, according to the sources, and is also considering bringing in an investment partner, although there is no certainty an offer will be made.

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