VOD - Vodafone Stock Jumps Over 4% - Sells Italy Unit To Swisscom In $8.7B Deal | Benzinga
Swisscom AG (OTC:SWZCF) inked binding deals with Vodafone Group Plc (NASDAQ:VOD) to acquire 100% of Vodafone Italia for €8 billion ($8.71 billion), aiming to merge it with Fastweb, its Italian subsidiary.
The transaction consideration will be 100% cash and will be fully debt-financed, Swisscom said in a press release.
Vodafone will provide certain services for an initial total annual service charge of ~€350 million, expected to decrease over time.
Vodafone Italia and Fastweb unite to combine their mobile and fixed infrastructures, skills, and resources, positioning themselves as a prominent challenger in a market ripe with growth ...