State-owned telco Swisscom has unveiled a €3.7 billion friendly cash bid for Italy’s Fastweb. Speculation about a possible bid emerged over the weekend with the broadband operator later asking for its shares to be temporarily suspended from the Italian stock exchange.
“Italy is one of the most attractive broadband markets in Europe with significant expected growth potential over the next few years,” said a Swisscom statement.
Swisscom says its offer is conditional on it being able to secure 50% plus one share in Fastweb. The deal would be funded through a combination of debt and the placement of 4.9 million shares.