A&O Shearman advises on the financing in support of Poste Italiane’s voluntary public tender and exchange offer for Telecom Italia

The transaction represents one of the most significant public M&A transactions of the year in the Italian market and is aimed at creating a leading national operator across telecommunications, digital services and technology infrastructure.

The offer provides that, for each TIM ordinary share tendered into the offer, the consideration will consist of a cash component of EUR 1.67 and 0.218 newly issued ordinary shares of Poste Italiane, to be issued pursuant to the capital increase approved in connection with the transaction.

The offer is part of the strategic path undertaken by Poste Italiane through the progressive strengthening of its shareholding in TIM and is intended to enhance the industrial complementarities between the two groups, generating synergies across digital services, telecommunications, cloud, payments and technology infrastructure.

A&O Shearman advised the financial institutions supporting the offer with a team led by partners Stefano Sennhauser and Diego Esposito and comprising senior associate Alessandro Carta Mantiglia Pasini and associate Federica Subba, with counsel Elia Ferdinando Clarizia advising on tax matters.

Diego Esposito, partner, commented: “We are proud to have advised the financial institutions supporting a transaction of such complexity and strategic significance for the Italian market. This mandate reflects A&O Shearman’s ability to support clients on transformational transactions involving listed companies, regulated sectors and critical national infrastructure.”