After obtaining all regulatory approvals, Swisscom has successfully completed the acquisition of Vodafone Italia. Fastweb and Vodafone Italia bring together complementary high-quality mobile and fixed infrastructures, competencies, and capabilities to create a leading converged challenger in Italy: Fastweb + Vodafone.
The transaction is a key step for Swisscom to achieve its strategic objective of profitable growth in Italy. As a result of the early closing, Swisscom revises its EBITDA guidance for 2024
The closing of the transaction took place on 31 December 2024. Fastweb + Vodafone will unlock significant value for all stakeholders and sustain investments in the Italian telecommunication market through increased scale, a more efficient cost structure and significant annual run-rate synergies of EUR ~600 million. By combining Fastweb’s strengths in fixed connectivity with Vodafone Italia’s leading position in mobile services, the combined entity will offer innovative, competitively priced converged services to Italian consumers and businesses.
Walter Renna, CEO of Fastweb + Vodafone, said, “We herald a new era in Italian telecommunications. By embracing the opportunity of combined forces, we create a stronger, more innovative organization to lead Italy into a sustainable digital future, empowering people, businesses and public administrations.”
Swisscom CEO Christoph Aeschlimann added, “I am thrilled about the successful closing, as it strengthens Swisscom Group. The improved positioning in Italy will create long-term value for all stakeholders — thanks to growing cashflows and dividends in the future. At the same time, the focus on the Swiss market remains unchanged with continued high investments in innovation, top-quality service, and next-generation infrastructure.”
The process to integrate Fastweb and Vodafone Italia starts now. The combined entity will be managed by the newly appointed Executive Committee and will operate under the corporate brand Fastweb + Vodafone; the existing commercial brands Fastweb, Vodafone and ho. continue to be in place.
The new Executive Committee brings together experienced leaders from Fastweb and Vodafone Italia. It consists of Walter Renna (CEO), Anita Carra (Chief Brand & B2C Marketing Officer), Fabrizio Casati (Chief Wholesale Officer), Silvia Cassano (Chief Human Resources Officer), Elenia Cerchi (Chief Regulatory & Antitrust Officer), Antonio Corda (Chief Legal, Compliance & Security Officer), Lisa Di Feliciantonio (Chief Communications & Sustainability Officer), Augusto Di Genova (Chief B2B Officer), Peter Grueter (Chief Financial Officer), Alessandro Magnino (Chief Strategy & Transformation Officer) and Federico Negri (Chief B2C Commercial Officer). The new Chief IT Officer as well as the new Chief Technology Officer will be announced shortly. Ad interim, these roles will be assumed by John de Keijzer and Mark Düsener respectively.
Revised EBITDA guidance for 2024
Due to closing in 2024, costs in the amount of up to €200 million will be recognized in the Swisscom financial statements 2024. These costs relate to the planned exit from existing MVNO and mobile network-sharing agreements in connection with the migration of Fastweb mobile customers to the Vodafone Italia network and are part of the previously communicated integration costs. Further details will be provided at the presentation of Swisscom’s FY 2024 results.
The revised EBITDA guidance for 2024 is therefore CHF 4.3 billion (€4.5bn)-CHF4.4 billion (so far CHF 4.5-4.6 billion), with no impact on free cash flow in 2024. The 2024 guidance for revenue, CAPEX and the dividend remains unchanged.
