Telecom Italia's (TIM) board of directors unanimously approved Poste Italiane's voluntary public tender and exchange offer for all TIM ordinary shares on July 18, 2026. This decision, made in the presence of the Board of Statutory Auditors, was based on a reasoned assessment outlined in an Issuer's Statement.
The board deemed the consideration offered by Poste Italiane fair from a financial perspective. The offer, which received positive assessment for its rationale and industrial prospects, involves $1.67 in cash and 0.218 newly issued Poste ordinary shares, listed on Euronext Milan, for each TIM ordinary share tendered. This valuation aligns with analyses conducted by TIM's management, supported by a document from Kearney, and financial advisors Evercore Partners International LLP and Goldman Sachs Bank Europe SE, Succursale Italia.
Poste Italiane, already TIM's largest shareholder with a 20% stake, launched this bid in March to acquire the shares it did not already own. The total value of the offer was reported at over $13 billion to $14.9 billion, with some sources mentioning an offer of approximately $11 billion. This acquisition aims to delist TIM from the stock market and integrate it into a broader national digital strategy, positioning Poste, which is two-thirds owned by the Italian government, to accelerate its growth in digital, cloud, and telecom services.
This transaction is seen as a significant step in reshaping Italy's communications landscape, aiming to create a larger state-backed group that can build distributed computing infrastructure across the country. The deal is expected to strengthen domestic control over strategic digital infrastructure, including broadband networks, cloud services, and digital identity platforms. TIM will not update its business plan pending the offer's completion, but will announce Q2 and H1 2026 financial results on July 29, followed by a market presentation on July 30.
