LONDON (AP) — British cellphone company Vodafone confirmed Friday that it is selling its Italian business to Switzerland’s Swisscom for 8 billion euros ($8.7 billion) and will hand back half of the proceeds to its shareholders through the buyback of company shares.
Swisscom, a telecoms operator, will pay in cash that it will finance through new debt.
"Fastweb and Vodafone Italia are an ideal fit to create high added value for all stakeholders."
Swisscom will pay annual initial charges of 350 million euros, which is expected to decrease over time.
”Its refreshed strategy also has seen it seek to merge its U.K. business with Three U.K. to create Britain’s biggest mobile phone network worth around 15 billion pounds ($19 billion).
Persons:
Swisscom, Christoph Aeschlimann, Margherita Della Valle, “, ”, Sophie Lund, Yates, stockbrokers Hargreaves Lansdown
Organizations:
Vodafone, Fastweb, Vodafone Italia
Locations:
British, Italy, Hungary, Ghana, London, Zurich