Swisscom has signed binding agreements with Vodafone Group plc for the acquisition of the whole of Vodafone Italia for €8 billion.

The aim is to merge the company with Fastweb, Swisscom's Italian subsidiary.

The transaction is financed by a loan and will be settled entirely in cash.

The transaction is a crucial step towards achieving Swisscom's strategic objective of profitable growth in Italy', says the Group.

' We are convinced by the industrial logic of this merger. Fastweb and Vodafone Italia ideally complement each other with a view to generating high added value for all stakeholders. Private and business customers alike will benefit from the most comprehensive offering. Swisscom will also benefit as a whole, enabling it to maintain significant investments in Switzerland and Italy," said Christoph Aeschlimann, CEO of Swisscom.

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