Vodafone sells its business in Italy to Swisscom for €8 billion – Kommersant
[ad_1]
Today, March 15, telecommunications company Vodafone Group Plc reported, which is selling its Italian subsidiary Vodafone Italy to the Swiss company Swisscom AG. The transaction amount is €8 billion. As the company notes, this is being done in accordance with plans announced back in May last year to optimize the group’s corporate structure.
It is also reported that both companies are considering opportunities to strengthen cooperation outside Italy. Under the agreement, Vodafone will provide some services to the new business owner.
Vodafone Italy is the third largest mobile phone provider in Italy. Its assets at the date of its last annual reporting (March 31, 2023) were valued at €12.4 billion. The company ended the 12 months to March 31 of the same year with a pre-tax loss of €49 million.
The news about the deal did not come as a surprise: some media outlets were talking about this in February, and Vodafone even then confirmedwhich is in exclusive negotiations with the Swiss provider.
Commenting on the announcement, Vodafone Group CEO Margherita della Valle noted that the deal is “the final step in the restructuring of European operations.”
Vodafone also announced its intention to return €4 billion to group shareholders through a share buyback and halve its share dividend compared to last year to 4.5 euro cents.
[ad_2]
Source link
