Fubotv earnings beat by $0.10, revenue topped estimates
Investing.com -- Poste Italiane, the Italian postal service provider, has become the second-largest shareholder in Telecom Italia (BIT:TLIT), after acquiring a minority stake from Cassa Depositi e Prestiti.
The stake, constituting around 9.81% of Telecom Italia shares, was valued at $440.7 million in a deal announced on Saturday.
The purchase is part of a strategy to evolve the commercial relationship between Poste Italiane and Telecom Italia. The French media group Vivendi (OTC:VIVHY) remains the largest shareholder in Telecom Italia, with a 23.75% stake.
The stake in Telecom Italia, commonly known as TIM, was bought at a price based on the company's closing value of 28 European cents per share on Friday. This placed the value of Poste Italiane's stake at approximately 420 million euros, or $440.7 million.
In a related transaction, Poste Italiane also sold its 3.78% stake in Nexi (BIT:NEXII), an Italian financial technology company, to Cassa Depositi e Prestiti.
The proceeds from this sale, along with available cash, will be used to finance the purchase of the Telecom Italia shares.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.