Swisscom to Buy Vodafone's Italian Business for €8 Billion [BNN Bloomberg (Canada)]
SWISSCOM AG S/ADR (SCMWY)
NASDAQ:AMEX Investor Relations:
swisscom.ch/en/about/investors.html
Company Research
Source: BNN Bloomberg
The Swiss operator will finance the acquisition through cash. Vodafone preferred Swisscom's bid over a previous proposal from Niel's Iliad because it has a larger cash component, Bloomberg News has reported. In a separate statement, Vodafone said it will be returning €4 billion to shareholders via stock buybacks. Vodafone Italia and Fastweb are the country's second- and fourth-biggest operators, respectively, with combined sales of about €7 billion annually. Italy accounts about 11% of Vodafone's revenue and is its largest market after Germany and the UK. (Updates with Vodafone comment in the second paragraph) ©2024 Bloomberg L.P.
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