(Il Sole 24 Ore Radiocor) - Milano, 23 mar - Italian postal services Poste Italiane said it was making a 10.8 billion offer to buy telecoms operator Telecom Italia in a mix of cash and new shares, creating a leading integrated platform with aggregate revenue of 26.9 billion euros and a pro-forma EBIT of 4.8 billion.

Telecom Italia operates under the commercial name TIM.

Poste is offering a cash component of 0.167 euros per TIM share as well as 0.0218 new Poste share for each TIM share tendered. The overall consideration of the offer is 0.635 euros per share, a premium of 9.01% to the closing price on March 20.

The objective of the offer is to acquire the entire share capital of TIM and to secure its delisting from Euronext Milan.

Poste said it has identified a total potential for pretax synergies of approximately 0.7 billion euros per year at full scale, of which 0.5 billion relates to cost synergies and including the efficiencies achievable on TIM's current level of financing cost and thanks to the optimisation of TIM's capital structure. Revenue synergies have been estimated at over 0.2 billion euros. Cost synergies are expected to be realized within the second year following the completion of the offer, while revenue synergies are expected within a three years.

The one-off costs required to realise synergies are currently estimated at approximately 0.7 billion euros before tax, a figure that is expected to be achieved from the second year The deal is expected a positive impact on its earnings per share from the 2027 financial year, according to Poste.

Furthermore, the new group's financial strength, high cash generation and substantial distributable capital reserves will ensure a neutral impact on Poste Italiane's dividend per share on the net profit of 2026.

The positive industrial synergies between the two groups would also result in the partial realisation of TIM's deferred tax assets, which stood at 982 million euros at December 31, 2024, since they will become recoverable within.

a defined timeframe.

(RADIOCOR) 23-03-26 08:03:07 (0058) 5 NNNN