Acquisition of Vodafone Italia
The Italian Authority for Communications (Autorità per le Garanzie nelle Comunicazioni, AGCOM) has cleared the acquisition of Vodafone Italia with regard to the effects of the transaction on the competitive and pluralistic structure of the Italian market for audiovisual media services. The approval is another important step on the way to securing the regulatory approvals needed to finalise the transaction.
Following the announcement of the acquisition of Vodafone Italia on 15 March 2024, Swisscom notified the transaction to the AGCOM on 17 September 2024. On 6 November 2024, the AGCOM informed that it has cleared the transaction unconditionally.
Overall, completion of the Vodafone Italia transaction is on track. Swisscom secured the financing for the purchase price of EUR 8 billion in May 2024 and has received unconditional approval from the Presidency of the Council of Ministers in Italy (Golden Power legislation), the Swiss Competition Commission and the EU Commission (Foreign Subsidies Regulation).
The transaction is still subject to two other regulatory approvals, including that of the Italian Competition Authority (Autorità Garante della Concorrenza e del Mercato, AGCM). The latter announced on 11 September 2024 that it had opened an in-depth investigation (Phase II) to assess the acquisition under Italy’s merger control rules.
In line with the announcement dated 15 March 2024, Swisscom expects the transaction to complete in the first quarter of 2025.