Telecom Italia (TIM) completed a sale of its residual indirect interest in tower company Inwit for around €250 million to a consortium of investors, as the operator separately announced a deadline extension for negotiations to sell wholesale unit Sparkle.

The sale of TIM’s 10 per cent stake in a holding company which owns a 30.8 per cent share of Inwit to an Ardian-led investment group was announced in August, with deal closing on schedule.

Inwit owns towers previously spun off from the operator alongside equivalent assets formerly the property of Vodafone Italy.

In a separate statement, TIM announced an extension to negotiations with Italy’s Ministry of Economy and Finance and infrastructure player Retelit to sell its Sparkle wholesale unit.

The deadline for the receipt of a binding offer for the business was 30 November but has now been moved to 16 December 2024. TIM noted the talks were at an “advanced state”.