Italy’s biggest commercial broadcaster, Mediaset, has joined forces with infrastructure fund F2i to launch a takeover bid for EI Towers, both the companies have revealed. Together with F2i, the Milan-based TV group, which already owns 40 percent of EI Towers, has offered 57 euros per share for the rest of the Italian masts group. The bid represents a premium of 19.2 percent to the weighted average of prices in the six months preceding the announcement, F2i said in a statement.

The group is worth 1.4 billion euros ($1.6 billion). The bid is launched through a special purpose company called 2i Towers, indirectly controlled by F2i. The sector has been attracting investors looking for infrastructure-based assets that offer steady. Italy’s Benetton family last week completed the purchase of a 29.9 percent stake in Cellnex for 1.49 billion euros and said it saw strong growth prospects for the Spanish masts group.

EI Towers owns and manages the main Italian network for the transmission of the TV signal, a network for the transmission of mobile telephone services and has a fiber optic backbone of over 6,000 km serving its infrastructure. Under the guidance of a fund, EI Towers could take part in the consolidation underway in the sector.

Mediaset in a statement said that EI Towers will acquire the role of independent operator, a status that will make possible to participate more effectively in the process of consolidation in the broadcasting and telephone towers business. Credit Suisse, Mediobanca, and Intesa Sanpaolo advised F2i while UniCredit advised Mediaset.

EI Towers was born in 2012 when Mediaset, which is controlled by the family of former Prime Minister Silvio Berlusconi, merged its tower business with rival DMT Group. In 2015 EI Towers attempted to take over rival state-owned Rai Way but met resistance from Italy’s then center-left government, which said it wanted to keep a stake of at least 51 percent in the towers unit of national broadcaster Rai.