A&O Shearman advises financial institutions on financing supporting Poste Italiane's voluntary tender and exchange offer for Telecom Italia

A&O Shearman advised the financial institutions supporting Poste Italiane in connection with the financing for Poste Italiane’s voluntary total tender and exchange offer for Telecom Italia (TIM). Poste Italiane S.p.A. launched a voluntary total tender and exchange offer on TIM ordinary shares, with the offer acceptance period commencing on 20 July 2026. The transaction is described as one of the most significant public M&A operations of the year in the Italian market and is intended to create a leading national operator across telecommunications, digital services and technology infrastructure. Under the offer, for each TIM ordinary share tendered the consideration comprises 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 forms part of Poste Italiane’s strategic path of progressively strengthening its shareholding in TIM and is intended to enhance industrial complementarities and generate synergies across digital services, telecommunications, cloud, payments and technology infrastructure. A&O Shearman represented the financial institutions supporting the offer with a team composed by: partners Stefano Sennhauser and Diego Esposito; senior associate Alessandro Carta Mantiglia Pasini; associate Federica Subba; and counsel Elia Ferdinando Clarizia, who advised on tax matters.

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A&O Shearman advises financial institutions on financing supporting Poste Italiane's voluntary tender and exchange offer for Telecom Italia

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A&O Shearman advises financial institutions on financing supporting Poste Italiane's voluntary tender and exchange offer for Telecom Italia

Read the full story

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