The Italian government has approved a notable stake swap transaction between national postal service Poste and state lender Cassa Depositi e Prestiti (CDP), affecting Telecom Italia (TIM). This decision sees Poste take control of CDP’s 9.8% stake in TIM. In exchange, Poste will offer its 3.78% stake in the Italian payments group Nexi and an undisclosed cash sum. This reshuffle positions Poste as TIM’s second-largest investor, behind French media group Vivendi.
Poste projects significant benefits from the deal, expecting improved synergies for its Post Mobile service, Italy’s largest mobile virtual network. It also opens a potential integration pathway with its payments service, Postepay. In a statement, Poste emphasized the strategic investment’s potential to create synergies and support the consolidation of the Italian telecommunications market.
The stake swap is a move to bolster Italian control over TIM amid increasing foreign interest. In recent months, foreign stakeholders showed significant interest, notably with private equity firm CVC Capital Partners signaling their intentions. Discussions of potential mergers, such as with France’s Iliad Group, which owns TIM’s rival Iliad Italia, signal ongoing consolidation efforts. These interests prompted caution from the Italian government, which aims to retain national influence over companies like TIM deemed as ‘national champions’.
Georgia Meloni’s government has made it clear that foreign control of strategic assets like TIM would not be supported. They are ready to use their ‘golden powers’ to veto undesirable transactions if necessary, ensuring native control remains intact. Therefore, Poste, with its complementary offerings, seems a more suitable stakeholder than CDP.
