Swisscom clears the way for the acquisition of Vodafone Italia
Published: Friday, Dec 20th 2024, 22:10
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Swisscom can probably take over Vodafone Italia as planned. Following the Italian Communications Authority, the responsible Ministry of Enterprise and the Competition Authority have also given the green light for the EUR 8 billion deal.
The competition authority Autorità Garante della Concorrenza e del Mercato (AGCM) approved the transaction on Friday, Swisscom announced on Friday evening. At the same time, the Swiss telecommunications group has entered into a number of commitments regarding the offer over the next three years.
The Ministry of Enterprise and Made in Italy had already approved the takeover the day before. The Italian Communications Authority had already given its approval in mid-November. According to Swisscom, it plans to complete the transaction in the first quarter of 2025.
Future number two
Swisscom announced its plans to acquire Vodafone Italia at the end of February. The purchase agreement was then signed in mid-March. From the Federal Council's point of view, all conditions for the acquisition were met.
Vodafone Italia is to be merged with the Swisscom subsidiary Fastweb. Fastweb boss Walter Renna has been appointed as the new head of the joint company in Italy.
Vodafone Italy and Fastweb complement each other well: while Fastweb has a broadband network, Vodafone Italy contributes a mobile network. The merger of Fastweb and Vodafone Italy is expected to generate synergies of EUR 600 million per year from 2029, according to earlier statements.
According to information at the time, this will create the second-largest telecoms provider in Italy behind the top dog TIM. Fastweb and Vodafone Italia will achieve a combined turnover of 7.3 billion euros and a combined operating profit before depreciation and amortization (EBITDA) of 2.4 billion euros.
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