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.