On 22 March 2026, the Board of Directors of Poste Italiane S.p.A. approved the launch of a voluntary public tender and exchange offer for all the share capital of Telecom Italia S.p.A. concerning all TIM ordinary shares admitted to trading on Euronext Milan.

The Offer provides for a mixed consideration per share consisting of a cash component equal to €1.67 and a share component equal to 0.218 newly issued Poste Italiane ordinary shares for each TIM share tendered into the Offer, for an aggregate transaction value of approximately €13 billion (based on the closing prices as of Friday, 17 July 2026).

The transaction is part of Poste Italiane’s strategy to develop its “platform company” model through the integration with TIM, with the aim of creating an integrated operator in telecommunications, financial and digital services.

On 18 July 2026, the Board of Directors of TIM, convened to approve the issuer’s statement pursuant to Article 103 of the TUF, unanimously considered the consideration offered to be fair from a financial standpoint, also on the basis of the assessments of its advisors, expressing a positive opinion on the rationale and industrial prospects of the transaction and on its consistency with the path undertaken by TIM.

Vitale acted as financial advisor to TIM’s Management in connection with the Offer.

~€13 billion