Vodafone offloads Italian business to Swiss rival for €8bn [Yahoo! Finance]
SWISSCOM AG S/ADR (SCMWY)
NASDAQ:AMEX Investor Relations:
swisscom.ch/en/about/investors.html
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Source: Yahoo! Finance
Confirmation of an agreement with Swisscom was announced by Vodafone on Friday morning, as the company said it would return proceeds from the sale to investors through a share buyback. As part of the deal, Vodafone will continue to provide services to Swisscom for up to five years, with an annual charge of roughly €350m. The two companies said they were also exploring a closer commercial relationship outside Italy. Swisscom, which is majority-owned by the Swiss government, is the largest telecoms company in Switzerland. It also operates in Italy through the mobile and broadband firm Fastweb. Vodafone said the deal marked the final step in the reshaping of its European operations after the €5bn sale of its Spanish operations to Zegona. Bosses said the deals would create a combined €12bn in cash proceeds. This has enabled the launch of a €4bn share buyback, with an option to buy back a further €2bn after the Italy deal is completed. However, Vodafone will also halve its
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