Swisscom’s acquisition of FastWeb approved

11 May 2007

The European Commission has unconditionally approved Swisscom’s acquisition of Italian ISP FastWeb. FastWeb’s board already recommended that shareholders approve the offer in March. Swisscom offered to purchase 78,128,095 outstanding shares (50% plus one share) in the company for EUR47 per share, a total consideration of EUR3.67 billion (USD4.96 billion). The offer period is set to expire on 15 May 2007. It is thought that FastWeb, which serves more than a million broadband customers across Italy, will continue to operate under its current name and management if Swisscom’s bid is successful.

Italy, Switzerland, Fastweb, Swisscom