MILAN, July 26 (Reuters) - Italy’s biggest phone group Telecom Italia and rival Vodafone agreed on Friday to merge their 22,000 mobile towers in Italy, the two groups said on Friday.
Under the agreement, Vodafone will transfer its Italian mobile masts to Milan-listed tower group INWIT, currently 60% owned by Telecom Italia.
Telecom and Vodafone will each have 37.5% stake and equal voting rights in the new INWIT company. Both companies can cut their stake in the new merged entity to 25%.
Vodafone will also receive 2.14 billion euros from INWIT.
Reporting by Elvira Pollina, editing by Silvia Aloisi