"Vodafone Completes €8 Billion Italy Deal and Buyback, Wrapping Up Overhaul"
Originally Published 1 year ago — by Yahoo Finance
Vodafone Group Plc has finalized an €8 billion deal to sell its Italian business to Swisscom AG, completing CEO Margherita Della Valle’s European transformation plans. The deal is expected to shake up the fiercely competitive Italian market and promises to generate solid synergies for investors. Vodafone plans to use the proceeds from this and a recent Spanish unit sale to buy back €4 billion in stock. The combined Fastweb and Vodafone Italia will be a formidable competitor for enterprise services, posing a challenge for Telecom Italia SpA.