Swisscom AG, a major telecommunications provider in Switzerland, on Tuesday said that the EU Commission has cleared its plans to acquire Vodafone Italia under the Foreign Subsidies Regulation and the approval is another important step on the way to securing the regulatory approvals needed to finalise the transaction.
The $8.91 billion transaction will be 100% cash and will be fully debt-financed with the aim of merging it with Fastweb, Swisscom’s subsidiary in Italy. The transaction is a key step for Swisscom to achieve its strategic objective of profitable growth in Italy, Swisscom said.
Vodafone Italia and Fastweb will bring together complementary high-quality mobile and fixed infrastructures, competencies, and capabilities to create a leading converged challenger in a market with material growth opportunities.
Following the announcement of the acquisition of Vodafone Italia on 15 March 2024, Swisscom notified the transaction to the EU Commission, Directorate-General for Competition, under the Foreign Subsidies Regulation on 19 August 2024.
On 23 September 2024, the EU Commission confirmed that the waiting period has elapsed, thus clearing the transaction unconditionally, Swisscom said. In line with its announcement dated 15 March 2024, Swisscom expects the transaction to complete in the first quarter of 2025.
Deal On Track
Overall, completion of the Vodafone Italia transaction is on track. Swisscom secured the financing for the acquisition in May 2024 and has received unconditional approval from both the Presidency of the Council of Ministers in Italy (Golden Power legislation) and the Swiss Competition Commission.
The transaction is still subject to other regulatory approvals, including that of the Italian Competition Authority (Autorità Garante della Concorrenza e del Mercato). The latter announced on 11 September 2024 that it had opened an in-depth investigation (Phase II) to assess the acquisition under Italy’s merger control rules.
The deal has already secured unconditional approval from the Presidency of the Council of Ministers in Italy, as well as the Swiss Competition Commission.
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