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The Transaction Services team is pleased to announce that Swisscom has acquired Vodafone Italia. PwC provided financial due diligence, pension due diligence and SPA advisory services.
Swisscom will acquire 100% of the share of Vodafone Italia for EUR 8 billion on a debt and cash free basis with the aim of merging it with Fastweb, Swisscom's subsidiary in Italy. The transaction consideration will be 100% cash and will be fully debt-financed. 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. The increased scale, more efficient cost structure and significant annual run-rate synergies of EUR ~600 million will enable the combined entity to unlock significant value for all stakeholders, sustain investments in the Italian telecommunication market and offer innovative, competitively priced converged services, improving performance and user experience for customers across all market segments. The transaction is a key step for Swisscom to achieve its strategic objective of profitable growth in Italy.
The transaction was signed on 15 March 2024 and is subject to approval by the authorities. The closing is expected in Q1 2025.
Link to the Swisscom press release here.
The PwC team
Deals Financial
- Frank Minder (Partner, PwC Switzerland)
- Giuseppe Rana (Partner, PwC Italy)
- Vincent Luescher (Director, PwC Switzerland)
- Giorgio Gorla (Director, PwC Italy)
- Aurélien Mauro (Senior Manager, PwC Switzerland)
- Tanja Gorgieva (Manager, PwC Switzerland)
- Lorenzo Deidda (Manager, PwC Italy)
- Giulia Barzago (Senior Consultant, PwC Italy)
- Manuela Ferraro (Consultant, PwC Italy)
SPA advisory
- Vincenzo Di Fani (Partner, PwC Italy)
- Giorgia Galleni (Manager, PwC Italy)
Deals Pension
- Kristi Leibur-Nagel (Director, PwC Switzerland)
- Ester Lamerkx (Senior Manager, PwC Switzerland)
- Joice Borel (Senior Consultant, PwC Switzerland)
- Rosaria Singarella (Consultant, PwC Switzerland)
Relationship Partners
- Petra Schwick (Partner, PwC Switzerland)
- Peter Kartscher (Partner, PwC Switzerland)