Posted 3/15/2024, 11:09:52 AM
Vodafone Sells Italian Business to Swisscom for €8 Billion, Plans Share Buybacks and Dividend Cuts with Deal Proceeds
- Vodafone sells its Italian business to Swisscom for €8 billion as part of its divestment strategy
- The deal is expected to close in Q1 2025 and bring Vodafone €12 billion in total cash from divestments
- Vodafone plans to use deal proceeds to fund a €4 billion share buyback program
- The company will also cut its dividend in half beginning in 2025 fiscal year
- Deal creates a formidable competitor for Telecom Italia in Italian enterprise services market
