Infrastrutture Wireless Italiane SpA shareholders approved the proposed transaction to incorporate Vodafone Towers Srl into the company.
The transaction was supported by 99.9% of minority shareholders, according to a Dec. 19 news release.
Under the agreement, INWIT will cancel the minority holding in Vodafone Towers, which carries Vodafone Italia SpA's portfolio of 10,977 sites in Italy, and allocate 360.2 million ordinary shares in INWIT, with no nominal value, to Vodafone Europe BV on the effective date of the merger.
Shareholders of the Telecom Italia SpA-controlled company approved the distribution of an extraordinary dividend of 59.36 euro cents for each ordinary INWIT share in circulation post-merger, totaling about €570 million, subject to completion of the merger.
In addition, INWIT will appoint a new set of board of directors in 2020. Shareholders confirmed Piergiorgio Peluso and Carlo Nardello as nonexecutive directors of the company, whose term in office will end together with the other directors currently in office.