Poste Italiane andState Printing Institute and Mint (Ipzs) have acquisition completed of 100% of the capital of PagoPA, completing the transaction announced in December 2025. After the green light from the Italian Competition Authority (AGCM), the closing assigns 51% of the company to IPZS and the remaining 49% to Poste Italiane, for a total consideration that could reach about 500 million of euros, composed of a fixed portion and deferred and variable components.
At the same time as the transaction was completed, the PagoPA shareholders' meeting renewed the board of directors. Marco Pantaleoni, manager from the BNP Paribas group, has been appointed CEO, while Maurizio Pimpinella takes on the presidenza. They complete the new board Georgia Prete e Clementine Ciotti, IPZS executives, together with the independent advisor Mario Marotta.
Antitrust approval
The operation was concluded after theauthorization from the AGCM, which ruled out competitive issues and approved the acquisition without starting an investigation.
The Authority has however defined some governance conditions to ensure independence of the platform. Control of PagoPA will remain with the Istituto Poligrafico e Zecca dello Stato, while Poste Italiane, despite holding 49% of the capital, will not be able to exercise any form of indirect control through any shareholders' agreements. Furthermore, the president appointed by Poste will have exclusively non-executive powers, while the appointment of the CEO will be the responsibility of the majority shareholder.
Specific provisions have also been made confidentiality obligations for members of the board of directors, with the aim of avoiding the sharing of commercially sensitive information with Poste Italiane group companies active in the payments and notifications sectors for the Public Administration.
A strategic infrastructure for the digitalization of the Public Administration
The particular precautions adopted by the Antitrust are linked to the role strategic carried out by PagoPA in the public digital ecosystemThe company manages the payment platform for public administrations, the IO app for accessing public services, Send for legally valid digital notifications, and Pari, dedicated to managing certain public support measures.
The operation thus brings together PagoPA with two public groups with complementary expertise. On one side, Poste Italiane, active in payments, financial services, and logistics; on the other, the Istituto Poligrafico e Zecca dello Stato, specialized in physical and digital identity solutions, document security, anti-counterfeiting, and traceability.
