Italy’s public broadcaster RAI has appointed investment bank Lazard to investigate opportunities for its tower unit Raiway.
In March, prime minister Mario Draghi gave his approval that would allow the broadcaster to reduce its shareholding below the golden share level of 51%. RAI currently holds 65% in the business.
The new decree allows RAI a floor of 30%.
The move is expected to spark consolidation in the transmission sector with the El Towers likely to be among the interested parties.
In 2015, El Towers, which is 40% owned by commercial broadcaster MediaForEurope, launched a hostile takeover of Raiway.
The remainder of El Towers is controlled by private equity firm F2i, who are unlikely to welcome RAI returning the compliment and taking any sizeable holding in the firm.
