Swisscom Poised To Buy Vodafone Italy For 8 Bn
Date
2/28/2024 3:11:22 PM
(MENAFN- AzerNews) Swisscom has reached a preliminary agreement with Vodafone to
buy its Italian unit, Vodafone Italy, for eight billion euros, the
two companies said on Wednesday, Azernews reports,
citing ANSA.
Swisscom is already present on the Italian telecommunications
market via its ownership of Fastweb.
"The parties have agreed that Swisscom will acquire Vodafone
Italy for an enterprise value of 8 billion euros on a debt and cash
free basis and subject to customary closing adjustments," Vodafone
said in a statement.
"Vodafone has engaged extensively with several parties to
explore market consolidation in Italy and believes this potential
transaction delivers the best combination of value creation,
upfront cash proceeds and transaction certainty for Vodafone
shareholders.
"There can be no certainty that any transaction will ultimately
be agreed," it added.
Swisscom said that it would merge Vodafone Italy with Fastweb if
the deal goes through.
Last month Vodafone turned down a proposal from French group
Iliad to merge the two companies' Italian subsidiaries.
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