Linkem Retail and Tiscali merger for incorporation: a major national telecommunications operator in the fixed and ultrabroadband market in Italy has been established

Banca Akros provided assistance to Linkem S.p.A. and Linkem Retail S.r.l. as an exclusive financial advisor.

On 26 April 2022, the Shareholders’ Meetings of Linkem Retail S.r.l. and Tiscali S.p.A. approved the merger project for the incorporation of Linkem Retail S.r.l. into Tiscali S.p.A, which will result in Linkem becoming the owner of a stake equal to approximately 61% of Tiscali’s share capital. The merger agreement was signed on 22 July and will come into effect on 1 August 2022.

The fifth national operator in the fixed market and first in the ultrabroadband access segment in FWA and FTTH technologies with an overall market share of around 19% is being established.

Banca Akros provided assistance to Linkem S.p.A. and Linkem Retail S.r.l. as an exclusive financial advisor, also issuing a fairness opinion on the appropriateness, from a financial point of view, of the exchange ratio related to the merger by the incorporation of Linkem Retail, a wholly owned subsidiary of Linkem (leading 5G operator in Italy in the sector of ultra-wide band wireless and fifth operator in the fixed market), into Tiscali S.p.A., listed at Euronext Milan, Smart Telco with the largest fibre coverage available in Italy.

The transaction is part of a larger project aimed at integrating the Tiscali Group and the retail branch of the Linkem Group into a single corporate and commercial entity in order to generate significant industrial synergies, consolidate and strengthen its market position, and promote industrial relations between organisations operating in similar sectors. In addition, this project aims to capitalise on the market and development opportunities related to the implementation of the NRRP through the provision of fixed, mobile, 5G, cloud and smart city services for households, businesses and public administrations.

The deal confirms Banca Akros and Banco BPM Group’s focus on providing support to companies operating in the telecommunications sector.

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