By Adria Calatayud

Vodafone Group PLC and Telecom Italia SpA each raised 400 million euros ($433.7 million) through the sale of shares in Infrastrutture Wireless Italiane SpA, the companies said Thursday.

Vodafone and Telecom Italia each sold 41.7 million shares in Inwit at EUR9.60 a share, cutting their respective stakes by 4.3%, the companies said. As a result, Vodafone and Telecom Italia's shareholding in Inwit will be reduced to 33.2% from 37.5% previously and Inwit's free float will increase by over one third, they said.

Vodafone and Telecom Italia said they intend to retain joint control and to hold an equal stake in the share capital of Inwit.

Both Vodafone and Telecom Italia said they plan to use the proceeds from the share sales to reduce debt.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

April 23, 2020 02:42 ET (06:42 GMT)

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