EI Towers S.p. A have picked Credit Suisse and Mediobanca as advisers to look into a potential combination with state-controlled rival Rai Way S.p.A. (BIT:RWAY), two sources familiar with the matter said. The move shows how the companies are still looking to work out a long mooted tie-up despite uncertainty created by national elections in Italy next month. A potential deal could create a group worth more than €2 billion ($2.04 billion).

EI Towers is 60%-owned by Italian infrastructure fund F2i and Italy's top commercial broadcaster MediaForEurope (MFE), controlled by the family of former Prime Minister Silvio Berlusconi, holds the remaining 40%. “Things are in the very preliminary stage”, one of the sources said. A second source said other advisers are expected to join Mediobanca and Credit Suisse.

A F2i spokesperson said no adviser has been formally appointed yet. MFE declined to comment. Under the decree, RAI can cut its stake in Rai Way as low as 30% but no lower, while keeping control of Rai Way's infrastructure.

A potential deal, whose key details need still to be finalised, could include an extraordinary payout for Rai Way and EI Towers investors, according to a report by Italian daily La Repubblica on August 9, 2022, which sent Rai Way shares up as much as 7% on the day.