After obtaining all regulatory approvals, Swisscom on Thursday announced that its subsidiary Fastweb has completed the acquisition of Vodafone Italia for $8.29 billion on a debt and cash free basis, well ahead of the expected closing in Q1 of 2025.
The transaction is a key step for Swisscom to achieve its strategic objective of profitable growth in Italy. As a result of the early closing, Swisscom has revised its EBITDA guidance for 2024.
The deal unites Fastweb and Vodafone Italia, creating a converged telecommunications entity in Italy, combining strengths in both mobile and fixed infrastructures. The integration is expected to generate significant synergies, with annual run-rate savings estimated at $621.41 million.
Fastweb and Vodafone Italia is expected to bring together complementary high-quality mobile and fixed infrastructures, competencies, and capabilities to create a leading converged challenger in Italy – Fastweb + Vodafone. The transaction is a key step for Swisscom to achieve its strategic objective of profitable growth in Italy.
The closing of the transaction took place on 31 December 2024 as Fastweb + Vodafone will unlock significant value for all stakeholders and sustain investments in the Italian telecommunication market.
By combining Fastweb’s strengths in fixed connectivity with Vodafone Italia’s leading position in mobile services, the combined entity will offer innovative, competitively priced converged services to Italian consumers and businesses.
Heralding New Era
Fastweb + Vodafone CEO Walter Renna said: “We herald a new era in Italian telecommunications. By embracing the opportunity of combined forces, we create a stronger, more innovative organisation to lead Italy into a sustainable digital future, empowering people, businesses and public administrations.”
Swisscom CEO Christoph Aeschlimann said that his company has been operating in Italy since the acquisition of Fastweb in 2007. Over this period, they have built a strong track record of investment and profitable growth in Italy.
According to him, the industrial logic of this merger is very strong as Fastweb and Vodafone Italia were an ideal fit to create high added value for all stakeholders. As a result, private and business customers will benefit from the most comprehensive offer. Swisscom will also be strengthened as a whole, allowing us to continue making significant investments in the Swiss and Italian market, he said.
“The improved positioning in Italy will create long-term value for all stakeholders – thanks to growing cash flows and dividends in the future. At the same time, the focus on the Swiss market remains unchanged with continued high investments in innovation, top-quality service, and next-generation infrastructure,” he concluded.
Revised EBITDA Guidance
Due to closing in 2024, costs in the amount of up to $207.14 million will be recognised in the Swisscom financial statements 2024. These costs relate to the planned exit from existing MVNO and mobile network-sharing agreements in connection with the migration of Fastweb mobile customers to the Vodafone Italia network and are part of the previously communicated integration costs. Further details will be provided at the presentation of Swisscom’s FY 2024 results.
The revised EBITDA guidance for 2024 is therefore $4.66 billion with no impact on free cash flow in 2024. The 2024 guidance for revenue, CAPEX and the dividend remains unchanged, Swisscom said.
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