Poste Italiane aims to reach 66.67% of Tim’s capital

Italian Post Office accelera su Telecom Italiawith a public purchase and exchange offer of approximately10.8 billion euroswhich points tocheck e al delistingof the telephone group, of which it currently holds 27% of the capital. “Timwill remain a stand alone company”, specified the CEOMatteo Del Fantein the conference call with analysts.

L’operationhe explained, “will close infourth quarter of this year“, with a calendar that provides for the filing of the documents “in mid-April”, the extraordinary meeting on thecapital increase“in June” and the start of the offer period “not beforeJuly 2026“. Il combined industrial planwill be unveiled “by the fourth quarter of 2026” after completion.

The objective, which is also the condition, is to achieve at least 66.67% of the capital and the green light of thecompetent authoritiesincluse Antitrustcommunication authorities egolden powerin addition to the approval ofBank of Italyand the extraordinary meeting. On the regulatory front, however, according to the CEO “there are no risks”. Theconsiderationprovides, for each Tim share, 0.0218 newly issued Poste shares and 0.167 euros in cash, for aoverall valuation of 0.635 euros per share e un 9.01% premiumcompared to prices on March 20th.

The industrial and strategic vision

From an industrial point of view, theintegration with Tim“completes our model perfectly” and is “a critical step in creating acritical infrastructure service provider per la public administration e le businesses“, with a focus oncloud e data management. This ‘combination’ represents “the culmination of a journey that began years ago” and is part of “aclear strategic vision“. Which can be realized now, for “the excellent execution of thespin off of the network” from Tim’s CEOPietro Labriolaand the path ofdebt reductioncompleted in 2024.

Revenues, synergies and financial impact

Il combined group avrebbe revenues of approximately 26.9 billioncirca 150,000 employeesuna capitalization exceeding 30 billion e un float of around 15 billion. Poste expectsoverall synergies of approximately 700 million euros per yearfully operational, of which approximately 500 million attributable tocost reductions e oltre 200 milioni a additional revenuee positive impact on earnings per shareexpected from 2027. In case of full membership, thetotal outlay for Post Officeit would be approx2.8 billion eurosin an operation that the group claims as having taken place within aautonomous industrial path.

Shareholding structure and public control

“For five yearsItalian Post Office guarda Telecom Italiagovernments have changed in the meantime, so the answer is no,” he saidDel Fanteexcluding the involvement of the executive. THE’shareholding structureHowever, it provides for the maintenance ofpublic control. Following the operation,Tim shareholdersthey would come to hold the22% of Poste’s capitalwhile the shares held directly byCdp e Mefwould fall from 35% to 28% and from 29% to 13% respectively, with oneoverall state participationdestined to remain above 50%. On the remuneration front, onenew competitive dividend policywill be announced with the new business plan after the completion of the transaction, by the fourth quarter of 2026.