Vodafone trades its Italian operations for €8 billion. Swisscom reportedly agreed to buy Vodafone Italia and collaborate with the carrier with its own Fastweb division for an estimated €8 billion.
Vodafone Trades its Italian Operations for €8 Billion
Contrary to other bids, including French billionaire Xavier Niel, Swisscom has agreed to acquire Vodafone Italia for €8 billion (R163 billion) and integrate the carrier with its own Fastweb business.
The acquisition will be financed in cash by the Swiss operator. Due to its higher cash component, Vodafone, which owns the South African-based Vodacom Group, favored Swisscom’s offer above one from Niel’s Iliad.
‘Vodafone’s Largest Market’
Vodafone announced in a separate statement that it will be buying back €4 billion in stock to give back to shareholders.
With yearly sales of roughly €7 billion, Vodafone Italia and Fastweb rank as the nation’s second and fourth-largest operators, respectively.
After Germany and the UK, Italy is Vodafone’s largest market, accounting for around 11% of its revenue.
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