Vodafone In Talks To Sell Italian Unit To Swisscom [Barron's]
SWISSCOM AG S/ADR (SCMWY)
NASDAQ:AMEX Investor Relations:
swisscom.ch/en/about/investors.html
Company Research
Source: Barrons
Vodafone, which previously rejected offers from French billionaire Xavier Niel's Iliad group, said it has "engaged extensively with several parties to explore market consolidation in Italy". But the potential transaction with Swisscom "delivers the best combination of value creation, upfront cash proceeds and transaction certainty for Vodafone shareholders". The two companies, however, cautioned in separate statements that there was no certainty the transaction will ultimately be agreed. The acquisition of Vodafone Italy would be on a cash and debt-free basis, the companies said. Swisscom said it would merge Vodafone Italy with its own Italian unit, Fastweb. Last month, Vodafone rejected a proposal from Iliad to merge their Italian businesses in a deal valuing Vodafone Italy at 10.45 billion euros. The British mobile phone operator had already rejected an 11.25-billion-euro approach by Iliad and private equity group Apax Partners in February 2022. Vodafone reported earl
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