Vodafone sells Italian business for 8 billion

Date:
Thu, 02 Jan 2025 12:29:00 +0000

Description:
Swisscom has acquired Vodafone Italy for 8 billion around a year after the company sells its Spanish business.

FULL STORY ======================================================================Vodafone
Italy gets snapped up by Swisscom in a 8 billion deal It no longer operates networks in Italy or Spain Vodafone is focused on growth in the UK

Vodafone has confirmed the completion of the sale of its Italian business (Vodafone Italy) to Swisscom AG in a deal with 8 billion ($8.3 billion).

Switzerlands Swisscom, primarily operating in its home country through its self-named network and mobile virtual network operators like Coop Mobile, already has some market share in Italy with its Fastweb brand, which it
partly acquired in 2007 (3 billion for 82%) before fully acquiring in 2010.

As part of the deal, Vodafone has agreed to continue providing certain services in Italy for up to five years post-completion. Vodafone sells off Italian subsidiary to Swiss giant

The company confirmed that the proceeds of its sale would go toward reducing the Groups net debt.

Walter Renna, CEO of Swisscoms Fastbweb, will head the new Fastweb + Vodafone brand.

The sale of its Vodafone Italy follows the sale of its Spanish business in late 2023 the Zegona Communications deal was worth 4.1 billion in cash.

At the time, company CEO Margherita Della Valle said that the sale would enable [Vodafone] to focus [its] resources in markets with sustainable structures and sufficient local scale.

Vodafone has also had a busy few months in the UK, following CMA approval of its merger with Three at the beginning of December 2024. The deal, set to benefit tens of millions of consumers and businesses, will see the two former network giants invest 11 billion ($13.7 billion) into the UKs 5G infrastructure.

Margherita Della Valle commented: Todays approval releases the handbrake on the UKs telecoms industry, and the increased investment will power the UK to the forefront of European telecommunications.

Speaking about the sale of Vodafones Italian business, Swisscom CEO Christoph Aeschlimann said: The improved positioning in Italy will create long-term value for all stakeholders thanks to growing cashflows and dividends in the future. You might also like Weve listed the best eSIMs for international travel Fancy a new handset? These are the best business smartphones $19 billion Vodafone and Three merger approved by UK competition watchdog



======================================================================
Link to news story: https://www.techradar.com/pro/vodafone-sells-italian-business-for-eur8-billion


--- Mystic BBS v1.12 A47 (Linux/64)
* Origin: tqwNet Technology News (1337:1/100)