Ardian, a France-based, independent private equity investment company, offered to acquire a minority stake in INWIT, an Italian company headquartered in Milan, from Telecom Italia, an Italian telecommunications company, for €1.3bn. The proposed transaction is structured as to not trigger any tender offer obligations and is subject to a number of conditions precedent. The Board of Directors of TIM, positively assessing the offer, mandated Pietro Labriola, Chief Executive Officer and General Manager, to negotiate to reach an agreement.