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Vodafone Group PLC - Newbury, England-based telecommunications provider - Completes sale of its Italian operations to Swisscom AG for €8.0 billion. As part of the agreement, Vodafone will continue to provide some services to Vodafone Italy for up to five years. Vodafone says proceeds from the sale will be used to reduce net debt with a target to return up to €2.0 billion to shareholders once the current buyback programme has completed.
Swisscom says the deal is a key step towards achieving profitable growth in Italy. Due to the deal closing in 2024, up to €200 million of costs will be recognised in Swisscom’s 2024 statements. Swisscom lowers its earnings before interest, tax, depreciation and amortisation guidance for 2024 to between fr.4.3 billion to fr.4.4 billion from between fr.4.5 billion to fr.4.6 billion.
Current Vodafone stock price: 68.62 pence, up 0.5% on Thursday morning
12-month change: down 1.6%
Current Swisscom stock price: Closed at fr.504.50 on Monday
12-month change: down 2.2%
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