Telecom Italia's board has unanimously approved Poste Italiane's voluntary public tender and exchange offer for all of its shares. Poste Italiane, which became TIM's largest shareholder last year, launched the €11 billion ($12.58 billion) bid in March to take the company private. The offer includes €1.67 per share plus 0.218 new Poste shares, and the acceptance window runs from July 20 to September 11.
Poste Italiane's goal is to leverage Telecom Italia's infrastructure to establish a "national digital champion" in telecommunications, cloud, and AI services. This move aligns with Italy's strategic push for digital sovereignty and aims to integrate Telecom Italia into a broader state-led ecosystem encompassing postal, financial, logistics, and digital services. Poste Italiane, fully owned by the Italian government, sees an opportunity to generate over €700 million in annual cost and revenue synergies by combining the two businesses.
The acquisition is viewed as a significant turning point for Telecom Italia, following years of restructuring efforts, debt reduction, and the sale of its fixed-line network. The board's endorsement signifies strong internal backing for the acquisition and suggests they believe this is the best path forward for shareholders. The deal is also part of a broader effort by the Italian government to strengthen domestic control over strategic digital infrastructure. If completed, Telecom Italia will be delisted from the stock exchange, returning a critical national asset to state ownership. Analysts view the deal as part of a broader European trend of consolidating strategic industries under state influence.
