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Swisscom to buy rest of Fastweb
09 September 2010
Swisscom is offering to pay €265m for the shares in Italian broadband operator Fastweb that it does not already own
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Telecom Italia
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Swiss phone company, Swisscom, has offered to acquire the outstanding shares of its Italian subsidiary, Fastweb. The telecom group will pay €256 million in cash for the Italian broadband operator.
Once the deal is done Fastweb, which also offers mobile phone services, will exit the Milan Stock Exchange. The deal values Fastweb at €1.4 billion.
Under the terms of the deal, Swisscom will offer Fastweb shareholders €18 a share. Swisscom acquired an 82% stake in the broadband provider in May 2007.
Swisscom had previously said it had no plans to acquire the outstanding 18% of Fastweb’s stake.
The main alternative to the former state monopoly Telecom Italia, Fastweb has 1.69 million broadband customers — a market share of around 13%. GTB