24th Sep 2024 10:05
(Alliance News) - Swisscom AG on Tuesday announced that its acquisition of the Italian business belonging to Vodafone Group PLC has been cleared by the EU Commission.
The Bern, Switzerland-based telecommunications company revealed its intention in March to purchase Vodafone Italia for EUR8 billion.
Following this announcement, the company notified the transaction to the EU Commission in August. Swisscom said that on September 23 the "Commission confirmed that the waiting period has elapsed, thus clearing the transaction unconditionally".
The deal has already secured unconditional approval from the Presidency of the Council of Ministers in Italy, as well as the Swiss Competition Commission.
However, earlier in September a phase 2 investigation was launched by the Italian Competition Authority to ascertain whether the deal would breach competition rules.
The company awaits final regulatory approvals and expects the deal to be completed in the first quarter of 2025.
Swisscom shares were down 0.5% at CHF546.50 each in Zurich on Tuesday morning; Vodafone shares were down 0.2% at 75.81 pence each in London.
By Elijah Dale, Alliance News reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.