The cash-and-share offer values TIM at around €0.635 per share, representing a modest premium of just over 9%, and targets the remaining shares that Poste does not already own. The group is currently TIM’s largest shareholder, with a stake of roughly 27%.
If successful, Poste intends to take the operator private, marking a potential return of Italy’s former telecom monopoly to full state influence nearly three decades after its privatisation.
The proposed transaction reflects a broader European push to retain control over critical digital infrastructure, particularly as governments seek to strengthen “digital sovereignty” amid growing reliance on hyperscalers and international technology providers.
Strategically, the deal would give Poste access to TIM’s mobile and fixed network capabilities, alongside its data centre footprint and cybersecurity arm, Telsy. These assets are expected to underpin a broader expansion into enterprise, public sector and secure communications services.
Poste said the combined entity would generate approximately €27bn in revenue and €5bn in operating profit, with anticipated synergies of around €700m annually, largely driven by cost efficiencies and financing optimisation.
The bid follows a period of restructuring at TIM, including the sale of its fixed-line network to a KKR-led consortium, which helped address long-standing debt pressures and made the operator more attractive as a takeover target.
However, market reaction has been mixed. While TIM shares rose on the announcement, Poste’s stock fell amid investor concerns over funding and the relatively limited premium offered.
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