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Vodafone Strikes Deal To Sell Italian Operations To Swisscom for $8.7B
SCMWYSwisscom(SCMWY) Investopedia·2024-03-15 15:30

Key takeawaysVodafone said it had agreed to sell its Italian unit to Swisscom for 8 billion euros (8.7billion)andwouldundertakeasharebuybackwithEUR4billionoftheproceeds.ThesalecompletestheBritishfirm′sEuropeanrestructuringstrategyunderCEOMargheritaDellaValle.VodafoneislookingintogrowingitsB2Bbusiness,whilefocusingonkeyEuropeanmarkets.VodafoneGroupPlc(VOD)onFridaysaidithadstruckadealtosellitsItaliandivisiontoSwisscomAGfor8billioneuros(8.7 billion) and would undertake a share buyback with EUR4 billion of the proceeds.The sale completes the British firm's European restructuring strategy under CEO Margherita Della Valle.Vodafone is looking into growing its B2B business, while focusing on key European markets. Vodafone Group Plc (VOD) on Friday said it had struck a deal to sell its Italian division to Swisscom AG for 8 billion euros (8.7 bill ...