Swisscom has finalized the takeover of Vodafone Italia on December 31, 2024, a little faster than expected, the blue giant indicated Thursday in a press release. Initially, there was talk of finalizing the operation at 8 billion euros during the first quarter of 2025.
The transaction could be finalized after the Italian authorities granted all the necessary green lights until December 20.
The operation having been finalized again in 2024, the blue giant will recognize costs of up to 200 million euros in the 2024 financial year. Operating profit before depreciation and amortization (Ebitda) is now expected between 4.3 and 4.4 billion francs, compared to 4.5 to 4.6 billion previously.
The transaction has no effect on free cash flow for the financial year 2024. The forecasts for turnover, investments and dividends for the past financial year remain unchanged and Swisscom is still targeting turnover of around 11 billion francs and investments of 2.3 billion. If these objectives are achieved, the dividend will again be 22 francs per share.
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Number two in Italy
The acquisition of Vodafone Italia, announced last February, allows Swisscom to position itself as number two telecommunications service provider in Italy, behind TIM. Vodafone Italia will be merged with the Italian subsidiary of the blue giant, Fastweb, which will then post a combined turnover of 7.3 billion euros and an Ebitda of 2.4 billion euros.
Vodafone Italia and Fastweb complement each other well, the first operating a mobile network and the second a broadband internet network. The synergies of the merger are estimated at around 600 million euros, from 2029. The company will be called Fastweb + Vodafone and its general director, appointed last July, is Walter Renna.
The integration process will begin immediately, Swisscom said on Thursday.
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