Vodafone sells Italian business for €8 billion

Vodafone has sold its Italian business to Swisscom for €8 billion in a deal which will see Swisscom merge Vodafone with its Italian subsidiary Fastweb. This merger was announced in Europe this week after the Spanish government approved the proposed Orange and MásMóvil merger.

Margherita Della Valle, group chief executive, Vodafone said, “Today, I am announcing the third and final step in the reshaping of our European operations. Going forward, our businesses will be operating in growing telco markets - where we hold strong positions - enabling us to deliver predictable, stronger growth in Europe. “

Della Valle added, “This will be coupled with our acceleration in B2B, as we continue to take share in an expanding digital services market. The sale of Vodafone Italy to Swisscom creates significant value for Vodafone and ensures the business maintains its leading position in Italy, which has been built through the dedicated commitment of our colleagues to serving our customers over many years."