Poste Italiane has announced plans to launch a voluntary public tender and exchange offer for the entire share capital of Telecom Italia, in a transaction valued at approximately €10.8 billion. The proposed deal is one of the most important consolidation moves in Italy’s infrastructure and digital services sectors in recent years.
The offer, approved by Poste Italiane’s board, combines cash and newly issued shares, valuing Telecom Italia at €0.635 per share and representing a premium of just over 9 percent compared to recent market prices. The company aims to acquire full ownership and ultimately delist Telecom Italia from the Milan stock exchange, subject to regulatory approvals and customary conditions. Completion is expected by the end of 2026.
The strategic rationale behind the transaction is to create a large-scale integrated group spanning telecommunications, financial services, insurance, logistics, and digital solutions. Poste Italiane has framed the move as a natural extension of its long-term strategy to position itself as a central platform in Italy’s digital transformation, leveraging its extensive physical and digital distribution network.
If completed, the combined entity would become one of the country’s largest infrastructure platforms, with pro forma revenues of nearly €27 billion and operating profits approaching €5 billion. The group would employ more than 150,000 people and integrate assets across fixed and mobile networks, cloud infrastructure, and data services. The transaction is also expected to strengthen Italy’s capabilities in areas such as cybersecurity, artificial intelligence, and digital identity systems.
From an industrial perspective, the merger is designed to capitalize on complementarities between the two companies. Poste Italiane’s nationwide distribution network—including thousands of post offices and digital touchpoints—would be combined with Telecom Italia’s telecommunications infrastructure and technological expertise. The resulting platform is expected to enhance cross-selling opportunities and expand service offerings across consumer, business, and public sector segments.
The company has projected annual synergies of around €700 million once the integration is fully implemented, with the majority stemming from cost efficiencies and the remainder from increased revenues. These benefits are expected to materialize progressively over a two- to three-year period following completion. Poste Italiane has also indicated that the transaction should have a positive impact on earnings per share from 2027 onward, while maintaining dividend stability in the near term.
The proposed combination is also framed as a broader industrial initiative with national significance. By bringing together key infrastructure and service capabilities under a single group, Poste Italiane aims to support Italy’s economic competitiveness, strengthen digital infrastructure resilience, and enhance the country’s attractiveness for investment. The continued presence of the Italian state as a majority shareholder in Poste Italiane is expected to provide governance stability and align the group’s strategy with public policy objectives