TIM rating under review as Poste Italiane's takeover bid prompts possible upgrade

Moody's placed Telecom Italia (TIM) long‑term Ba1 rating under observation for a potential upgrade of up to one or two notches. The agency said the move reflects the likely strengthening of TIM’s credit profile if the proposed acquisition by Poste Italiane is completed, noting that TIM would become part of a larger, more diversified and better‑capitalised group.

Poste Italiane’s voluntary public offer, approved unanimously by TIM’s board on 18 July 2026, offers €1.67 in cash plus 0.218 new Poste Italiane shares for each TIM share (adjusted 1‑to‑10 after TIM’s share consolidation). The deal requires Poste Italiane to reach at least a 66.67 % stake, with settlement expected on 18 September 2026, subject to shareholder approval and customary closing conditions. Moody’s senior vice‑president Ernesto Bisagno said the rating could be upgraded if the transaction proceeds as planned.