(Alliance News) - The proposed integration between Poste Italiane and Telecom Italia is gaining momentum as a European-scale industrial deal, underpinned by a more structured financial framework.
As reported by Il Messaggero on Tuesday, the board has appointed top-tier advisors to provide a fairness opinion to ensure transparency and technical robustness, a critical step given Poste's 20.1% stake.
On the strategic and financial front, Evercore and Goldman Sachs are advising the group, while legal counsel is being provided by BonelliErede and Gatti Pavesi Bianchi Ludovici.
The turning point comes from a shift in sentiment among Bank of America analysts, who have upgraded Poste Italiane by two notches to "buy" from "underperform," setting a price target of EUR28.8, a 35% increase over previous valuations. According to the report, the transaction represents a "unique opportunity," with an immediate impact on share prices and renewed investor confidence.
Estimates suggest that the integration with Telecom Italia could drive earnings per share growth of 25% by 2029. In a stand-alone scenario, the value would be EUR26 per share, while full integration would bring the fair value to EUR31.50.
Intermonte analysts note that the regulatory approval process is proceeding on schedule, with closing expected by 2026.
Meanwhile, CEO Matteo Del Fante defended the deal in the Financial Times, highlighting how the integration would reduce the state's stake to approximately 50% from 65%, thanks to the issuance of new shares earmarked for TIM investors.
According to management, the operation aims to create an integrated platform spanning logistics, financial services, and digital infrastructure, combining Poste's physical network with Telecom Italia's fiber and 5G technology in a "phygital" model that the market is beginning to price in with growing conviction.
By Antonio Di Giorgio, Alliance News reporter
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