Home / Business and Economy / TIM Hires Goldman Sachs for Poste Italiane Takeover Bid
TIM Hires Goldman Sachs for Poste Italiane Takeover Bid
13 Apr
Summary
- Telecom Italia appointed Goldman Sachs and Evercore as advisors.
- Poste Italiane launched a 10.8 billion euro bid to privatize TIM.
- The deal aims to create a national digital champion with state control.
Telecom Italia (TIM) has engaged financial advisory services from Goldman Sachs and Evercore. These firms will guide TIM's board in evaluating a significant 10.8 billion euro cash-and-share offer from the state-backed Poste Italiane. The proposed acquisition aims to privatize TIM and establish a national digital champion, thereby bolstering state oversight of telecommunications assets handling vital data.
The transaction would grant Poste Italiane control over TIM's data center network and its cybersecurity division, Telsy. This expansion aligns with Poste Italiane's strategy to enhance its digital service offerings for consumers, corporations, and governmental bodies. Poste Italiane, TIM's largest shareholder with a 27% stake, forecasts annual benefits of 700 million euros from the combination.
