(Alliance News) - The race to create a single television tower operator is entering its decisive phase, with Rai, F2i, and MFE-MediaForEurope working to reach an agreement by June 15.
As reported by Il Sole 24 Ore on Thursday, the objective is to merge Rai Way and EI Towers into a single entity boasting approximately 4,700 sites and over EUR500 million in revenue, while maintaining its stock market listing.
The framework remains complex. A Prime Ministerial Decree (Dpcm) requires Rai to retain a stake of no less than 30%, while negotiations have already extended beyond the timelines set out in the memorandum signed on December 19, 2024, which was extended on September 26, 2025, and again at the end of March.
In the absence of an agreement by mid-June, the project risks being shelved, potentially reopening the sale of a Rai Way stake exceeding 50%, equivalent to approximately 15%.
The transaction, which has been supported by the market for years, aims to move beyond an Italian model characterized by two parallel networks, which entails duplicated costs and slows down innovation.
However, several issues remain unresolved regarding governance, shareholding structure, debt – which is higher for EI Towers – and service contracts, with Rai paying over EUR230 million annually, more than Mediaset pays to EI Towers.
According to hypotheses from Equita Group, the deal could include a dividend of EUR1.30 per share for Rai Way shareholders, followed by a stock-for-stock merger.
For Intermonte, the new entity could distribute a special dividend, with approximately EUR200 million going to Rai (42%), EUR90 million to F2i (21%), and around EUR60 million to MFE (14%), in addition to a further EUR400 million for MFE from the monetization of its residual stake.
The dossier therefore remains at a standstill, while June 15 represents a key deadline to avoid the failure of a project considered strategic for the sector.
By Antonio Di Giorgio, Alliance News reporter
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