Inwit, CEO Giovanni Ferigo resigns

They resign from the board of directors of Inwit the CEO Giovanni Ferigo and four non-executive directors: Giovanna Beauty, Sabrina Di Bartolomeo, Rosario Mazza And Agostino Nuzzolo. The decision follows the finalization of the agreement for the sale of the shares of Daphne 3, a holding company that holds a 30.2% stake in the company towersthat Tim it had agreed on April 14 with a consortium of investors led by the fund Ardian.

Following the closing of the transaction, which arrived yesterday evening, “the entire Board is understood to have resigned – reads a note from Inwit – pursuant to art. 13.18 of the by-laws of Inwit, it being understood that these directors will remain in office until the moment in which the Board of Directors is reconstituted by appointment of the shareholders’ meeting “. In the meantime, the meeting of the board of directors has been called for 9 August in which the date of the shareholders’ meeting that will have to define the new top management will be decided.

The agreement for the sale of control of Inwit, which became operational on August 4, requires Tim to sell a further 41% stake in the holding to the consortium led by Ardian Daphne 3: the consortium thus has 90% of the share capital in its portfolio, as well as full and exclusive control of Daphne 3, while Tim keeps a 10% stake in the holding.

“The operation – Tim explains in a note – is based on a valuation of the Inwit shares equal to 10.4275 euros per share. The consideration paid to Tim is approximately € 1.3 billion. Tim also received the repayment of the loan of approximately 200 million euros granted to the consortium at the time of the establishment of Daphne 3. The operation – explains the operator – was completed in compliance with Antitrust and Golden Power regulations ”.

“Tim and the consortium – concludes the operator’s note – have also signed a new shareholders’ agreement that recognizes Tim some minority governance rights, both on Daphne 3 and Inwit, to protect its investment, as is the practice in transactions of this nature “.


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About Eric Wilson

The variety offered by video games never ceases to amaze him. He loves OutRun's drifting as well as the contemplative walks of Dear Esther. Immersing himself in other worlds is an incomparable feeling for him: he understood it by playing for the first time in Shenmue.

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