Telecom Italia has a new owner. What changes for TIM Brasil?
Telecom Italia - which controls TIM Brasil with 68% of its capital - has a new owner. The company announced that Poste Italiane - the Italian state-owned company that operates the country's postal services - acquired control of it with 66.6% of its capital, in a transaction that had already been under negotiation since at least March.
Poste Italiane has acquired control of Telecom Italia with 66.6% of its capital, valuing the company at a 10% premium. This brings Poste Italiane's total stake to around 96.6%, having previously owned about 30%. The goal is to delist Telecom Italia, with a new offer period for shareholders to sell their shares between September 21 and 25.
The acquisition combines the two companies, creating a giant with €27 billion in revenue and €5 billion in operating profit, and is expected to bring €700 million in annual pre-tax synergies.
Written by urgent.news from Brazil Journal's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
