Canarbino Acquires Tiscali Consumer Unit for €27 Million

In a significant strategic shift within Italy's telecommunications sector, Canarbino S.p.A. has agreed to acquire the consumer-facing division of Tiscali Italia. This move comes as Tessellis S.p.A., the parent entity formed from the merger of Linkem Retail and Tiscali, navigates a court-supervised restructuring process. The transaction, valued at €27 million on a cash and debt-free basis, signals a consolidation trend and potential for cross-sector synergies.

The deal is structured in two stages. Initially, Canarbino will lease the B2C business unit for a period of 12 months, beginning June 1, 2026, with an option for a three-month extension. This lease period, crucial for operational integration and employee transition, will be followed by a definitive transfer of the business unit. An additional performance-based premium of up to €16.45 million could further enhance the deal's value for Tessellis.

The acquired B2C operations encompass approximately 800,000 retail customers and involve around 700 employees. These operations provide essential broadband, telephony, and digital services under the well-established Tiscali and Linkem brands. This influx of customers and personnel will significantly bolster Canarbino's existing footprint, which already serves a comparable number of retail clients in the energy market.

Canarbino, a prominent Italian energy provider with subsidiaries like HB Trading, Segnoverde, and Energia Pulita, sees this acquisition as a pathway to vertical integration. By combining its energy expertise with Tiscali Italia's telecom infrastructure and customer base, the company aims to unlock operational efficiencies and offer bundled services. This strategic alignment could create a unique, integrated utility provider serving over 1.5 million customers across both energy and telecommunications.

Simultaneously, Tessellis, along with its subsidiaries Tiscali Italia and Go Internet, has initiated a negotiated crisis composition procedure. This pre-insolvency mechanism, overseen by the Cagliari Chamber of Commerce, is designed to facilitate financial restructuring and debt resolution under judicial supervision. The procedure allows companies to seek an independent expert's guidance to negotiate with creditors and implement a viable recovery plan.

The finalization of the lease agreement is contingent upon several critical conditions. These include the successful completion of competitive bidding processes, a positive assessment from an independent expert, regulatory approvals from Golden Power and antitrust authorities, and the implementation of workforce restructuring measures to ensure the long-term economic viability of the divested unit. All prerequisites must be met by May 15, 2026.

This transaction marks a pivotal moment for Tiscali, a company that pioneered internet services in Italy since its founding in 1998. By divesting its consumer division to an energy sector player, Tiscali is adapting to evolving market dynamics while Tessellis focuses on resolving its financial challenges. The broader Italian telecom market, characterized by intense competition and the need for infrastructure investment, will be closely watching the integration and performance of the combined energy-telecom entity.