Ardian and Oak Holdings 1 are exploring a potential offer to acquire minority shareholders in INWIT, Italy’s largest mobile telecom towers operator, with discussions under way with banks to finance the transaction. Ardian controls approximately 32% of INWIT and Oak Holdings, backed by Global Infrastructure Partners, Vodafone and KKR, holds a further 39%. Abu Dhabi investment firm Mubadala could acquire a stake as part of the deal, but discussions remain preliminary and no formal offer is certain. The potential transaction comes as Telecom Italia and Swisscom’s Fastweb pursue procedures to terminate their contracts with INWIT while seeking more favorable terms. INWIT’s market capitalization has fallen approximately 27% over the past year to €6.3 billion ($7.1 billion) at Friday’s close, according to LSEG data.