The Switzerland based telecom operator announced its plans to acquire Vodafone Italia earlier this year, The company will acquire Vodafone’s Italian operation for €8 billion on a debt and cash free basis, and merge it with its existing Italian unit, Fastweb.The Italian Presidency of the Council of Ministers has unconditionally approved the acquisition in accordance with the Golden Power legislation, revelaed the telco. The Golden Power legislation grants the Italian government special power to review and impose vetoes, special conditions and prescriptions on certain transactions, investments or corporate resolutions that could threaten or prejudice essential Italian public interests.The cabinet ruled that the transaction does not determine a threat of serious prejudice to national interests.Following this development, Swisscom said the completion of the Vodafone Italia transaction is on track. Swisscom said the combination would 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 deal remains subject to further regulatory and other customary approvals, with the company expecting the transaction to close in Q1 2025.
Copyright © 2024 Informa PLC.