SoFi CEO enters prepaid forward contract on 1.5 million shares
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.
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