Italy's TIM to cash in 1.6 billion euros from sale of INWIT stakes

MILAN (Reuters) - Telecom Italia (TIM) said on Wednesday it was set to cash in 1.6 billion euros (1.45 billion pounds) from the sale of direct and indirect stakes in Italy's biggest tower group INWIT . TIM said it had agreed to sell to a consortium led by French investment firm Ardian 49% of a company where it plans to transfer a 30.2% INWIT holding. TIM said it had also agreed to sell an up to 3% direct INWIT stake to a vehicle managed by Canson Capital Partners.TIM, which prior to these deals..