Swisscom in advanced talks to buy Vodafone Italia for $8.7 bln [Reuters]
SWISSCOM AG S/ADR (SCMWY)
NASDAQ:AMEX Investor Relations:
swisscom.ch/en/about/investors.html
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Source: Reuters
euros ($8.7 billion) and would merge the business with its Italian subsidiary Fastweb. The proposed purchase would be in cash and on a debt-free basis, the Swiss telecoms provider said in a statement. Shares in Vodafone (VOD.L) , opens new tab rose 1.7% in early trading, while Swisscom was broadly flat. Vodafone last month rejected an offer from French telecom operator Iliad to combine the two companies' operations in Italy in a 50:50 joint venture under which the British group would have received 6.6 billion euros in cash. Reuters reported this month that Swisscom was the only remaining party in talks with Vodafone. Vodafone said in a statement it believed the Swisscom deal, which would see it exit its third largest market, delivered the "best combination of value creation, upfront cash proceeds and transaction certainty". Swisscom said the deal would boost its cash flow and would have "a positive impact on its dividend policy". If agreed, the deal would cap a busy firs
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