Britain's Vodafone confirms sale of Italian arm to Swisscom for $8.7 billion [Financial Post (Toronto, Ontario, Canada)]
SWISSCOM AG S/ADR (SCMWY)
NASDAQ:AMEX Investor Relations:
swisscom.ch/en/about/investors.html
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Source: Financial Post
Switzerland's Swisscom for 8 billion euros ($8.7 billion) and will hand back half of the proceeds to its shareholders through the buyback of company shares. Vodafone said the move, with talks first announced Feb. 28, represented an “attractive valuation” and marked the final step of its strategy to sell off parts of its European portfolio. Article content Swisscom, a telecoms operator, will pay in cash that it will finance through new debt. It is aiming to merge its acquisition with Fastweb, the company's subsidiary in Italy. It said the deal will help it unlock 600 million euros in savings and will enable the combined entity to sustain investments and offer improved services. Article content “The industrial logic of this merger is very strong,” Swisscom CEO Christoph Aeschlimann said. “Fastweb and Vodafone Italia are an ideal fit to create high added value for all stakeholders.” As part of the deal, which is expected to be completed by the end of the first quarter of 2025
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