WORBLAUFEN (dpa-AFX) - Telecom service provider Swisscom AG (SWZCF.PK, SCMWY.PK) announced that its proposed acquisition of Vodafone Italia S.p.A., affiliated to British telecom major Vodafone Group Plc (VOD.L, VOD), has received the clearance from the EU Commission under the Foreign Subsidies Regulation.
The deal is still subject to other regulatory approvals, including that of the Italian Competition Authority, which announced on September 11 about opening an in-depth investigation (Phase II) to assess the acquisition under Italy's merger control rules.
Swisscom said the completion of the Vodafone Italia transaction is on track, and expects to complete in the first quarter of 2025, as announced earlier.
It was in March that Swisscom agreed to acquire Vodafone Italy for an enterprise value of 8 billion euros. Following this, Swisscom in mid August notified the deal to the EU Commission, Directorate-General for Competition, under the Foreign Subsidies Regulation.
On Monday, the EU Commission confirmed that the waiting period has elapsed, thus clearing the transaction unconditionally.
Swisscom said it has secured the financing for the purchase price of 8 billion euros in May 2024, and has received unconditional approval from both the Presidency of the Council of Ministers in Italy and the Swiss Competition Commission.
Following the deal closure, Swisscom plans to merge Vodafone Italia with its Italian unit Fastweb.
In Switzerland, Swisscom shares were trading at 547.00 francs, down 0.36 percent.
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