The board of Poste Italiane has approved a capital increase of €372 million, a key step for its takeover bid for Telecom Italia. The operation, valued at around €2.85 billion in cash, would create a digital giant in Italy.
Poste Italiane has taken a firm step towards acquiring Telecom Italia (TIM). The board of directors of the postal company, chaired by Silvia Maria Rovere, has approved a capital increase of €372 million, a necessary technical procedure for the public takeover and exchange offer launched for the operator.
The increase will be executed through the issuance of new ordinary shares, which will be allocated to TIM shareholders who accept the offer. According to the board's report, for each TIM share, €1.67 in cash and 0.218 new Poste Italiane shares will be delivered. In the event of total acceptance, TIM shareholders would control approximately 22.2% of the postal company's capital.
An operation valued at €2.85 billion
The cash outlay for Poste Italiane would amount to around €2.85 billion. The operation, which is still awaiting final approval from the National Commission for Companies and the Stock Exchange (CONSOB), has already received authorisations from the competition authorities in Brazil, the European Commission, and the Presidency of the Italian Council of Ministers within the framework of the so-called 'Golden Share'.
The aim is to integrate TIM's fixed and mobile network with Poste Italiane's activities in financial services, insurance, logistics, cloud computing, data centres, cybersecurity, the internet of things, and artificial intelligence. The goal is to create a national benchmark in digital transformation that competes in the European market.
The National Strategic Pole in focus
At the same time, the Leonardo group plans to submit an offer in the coming days to acquire 10% of the National Strategic Pole (PSN) owned by Sogei, which would raise its stake to 35%. Poste Italiane has also shown interest in the 20% currently held by the Cassa Depositi e Prestiti. After the integration with TIM, Poste's share in the PSN would reach 65%, strengthening the alliance with Leonardo in Italian public data infrastructure.
The €372 million capital increase comes after Poste Italiane's shareholders' meeting delegated this authority to the board on June 18. The move paves the way for an operation that, if realised, would redefine the telecommunications and digital services landscape in Italy. For investors, the key will be the evolution of TIM's share value and the acceptance of the offer by shareholders.
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