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Bond Market News
Poste Launches $12.5bn Bid for Telecom Italia
March 23, 2026
Poste Italiane, Italy’s state-owned postal company, has launched a €10.8bn ($12.5bn) cash-and-share takeover bid for Telecom Italia (TIM). Poste would offer €0.167 ($0.19) in cash plus 0.0218 newly issued Poste shares for each TIM share tendered, valuing TIM shares at €0.635/share ($0.73/share) , representing a 9.01% premium to TIM’s Friday’s closing price. Poste is already TIM’s largest shareholder with just over 27%, and the takeover aims to take TIM fully private. The strategic rationale centers on building a national digital infrastructure champion. The combined entity would gain mobile and fixed-line networks, cloud and data center assets, and secure data-handling capabilities aligned with the EU’s push for data sovereignty. The combined entity is expected to generate €27bn ($31.2bn) in revenue and €5bn ($5.8bn) in operating profit, expecting €700mn ($808mn) in annual pre-tax synergies. The deal is targeted for completion by year-end, with cost savings materialising within two years and revenue benefits within three years.
Telecom Italia’s bonds traded stable with its 6.375% 2033s at 101.4, yielding 6.14%.
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