After several months that started with a breakup strategy, followed by a move back to a converged play, and M&A attempts by several bidders, the Telecom Italia story has come to a close. Telefonica is the lucky winner. The transaction does not unfold the complex shareholding structure that Pirelli had built to guarantee control of TI with a 18% stake, but actually strengthens it. Telefonica will have 43% of the HoldCo it created with its financial partners, giving it a 10% direct stake into TI. Of course, it will limit its board presence - 2 out of 15, no chairman role - to please the Italian government. But since it is the only industry partner to the financial investors, it is clear they will have a say in management and should be able to get direct integration benefits and synergies in Europe - Telefonica is now in 4 of the 5 key markets - and ... Brazil. No wonder preliminary estimates size synergies at €2bn...