Telecom Italia (TIM) has announced that its CEO Pietro Labriola and other key management personnel have tendered the shares they hold to the voluntary full public tender and exchange offer launched by Poste Italiane.

It comes after TIM confirmed in July that its board members had approved the takeover.

The proposed deal, which was worth an estimated €13 billion ($15.1bn), when accepted by TIM's board will see the telco fall back into state ownership once again after it was privatized in 1997.

In the company's statement today, TIM once again stated that its board "deemed the offer price to be fair from a financial standpoint."

"The top management’s acceptance was finalized last week and details regarding the individual transactions will be made public via internal dealing notifications, in accordance with the terms of the applicable regulations," said Telecom Italia.

Poste Italiane is attempting to buy the 73 percent stake in TIM that it doesn’t already own in a deal comprising cash and newly issued shares. Prior to having its current agreement in place, Poste saw an earlier €10.8bn ($12.54bn) offer in March knocked back.

In a separate announcement since TIM's statement, Poste confirmed that it has upped the additional cash consideration of €0.30 ($0.35) per TIM share, increasing the cash component of the offer to €1.97 ($2.29) per share, alongside 0.218 newly issued Poste shares.

This represents an implied value of €6.65 ($7.72) per TIM share, based on Poste’s share price at the 20 March 2026 reference date, representing a 14.16 percent premium to TIM’s share price at that date. Poste added that this is the final increased consideration.

Poste acquired a nine percent stake in the company in 2025 from Italy’s state-backed investor Cassa Depositi e Prestiti, before increasing its shareholding through two stock purchases from French conglomerate Vivendi. Vivendi was previously TIM's largest shareholder; however, the company publicly disagreed with the sale of NetCo.

TIM previously sold its fixed network spin-off NetCo to investment firm KKR in a deal worth €22bn ($25.6bn) back in 2024. That sale covered Telecom Italia's landline grid network.