13th Nov 2024 10:04
(Alliance News) - Vodafone Group PLC's sale of its Italian arm to Swisscom AG was approved by a watchdog in Italy on Wednesday.
Bern, Switzerland-based telecommunications company Swisscom said the deal was approved by the Italian Authority for Communications.
"The approval is another important step on the way to securing the regulatory approvals needed to finalise the transaction," Swisscom said.
The EUR8 billion deal to buy Vodafone Italia was announced back in March.
It received European Commission approval in September.
There are still two regulatory obstacles remaining, however, including backing from the Italian Competition Authority in Rome.
Swisscom rose 0.5% to CHF515.50 each in Zurich on Wednesday morning. Vodafone was up 1.0% at 67.69 pence in London.
By Eric Cunha, Alliance News news editor
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.