Italy reshapes national cloud company as Leonardo, Poste target control, sources say

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MILAN/ROME, July 6 : Italian defence group Leonardo is preparing to increase its stake in the company that manages cloud services for Italy's public administration by acquiring an additional 10 per cent from state-owned IT company Sogei, sources told Reuters.

Leonardo, which already owns 25 per cent of the so-called National Strategic Hub (PSN), would raise its stake to 35 per cent in a deal that could be announced by the end of this month, two sources familiar with the matter said.

PSN is central to Italy's cloud migration programme backed by about €2 billion ($2.3 billion) from the European Union's post-pandemic Recovery Fund, which aims to move sensitive public sector data and services on to secure cloud infrastructure.

Sogei carried its stake in the cloud venture at just €7 million on its balance sheet, according to its 2025 financial statements. 

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Although small in size, the transaction is part of a broader reshuffle of PSN's shareholder structure aimed at placing the company under the control of two shareholders with a clear industrial rationale, one of the sources said.

Italian state-backed conglomerate Poste Italiane will acquire a 20 per cent stake in PSN from state lender CDP, Poste's Chief Executive Matteo Del Fante said earlier this year.

Longer term, Poste is targeting 65 per cent of the cloud company, given that it has launched a takeover bid for TIM,  currently the cloud hub's largest shareholder with a 45 per cent stake.

The overhaul would pave the way for the exit of shareholders that joined the cloud project as financial partners or without specific expertise in the sector, the person added.

As part of the reshuffle, discussions are also under way over the future governance of the company.

Under the scenario currently being discussed, Poste would appoint the chief executive while Leonardo would nominate the chairperson, the sources said.

Leonardo, Poste and TIM declined to comment. CDP and Sogei were not immediately available to comment.

($1 = 0.8752 euros)

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