Swisscom to buy remainder of FastWeb for EUR256 million

Swisscom has announced that it has initiated a takeover offer for the distributed shares of its Italian subsidiary FastWeb, with intentions to de-list the company. Swisscom, which already owns 82.1% of the Italian telco, plans to offer EUR18 per share in cash for the outstanding stake, as soon as it gets approval from Italian stock exchange regulator CONSOB. The total purchase price would amount to approximately EUR256 million, Swisscom said. It will fund the acquisition using its own funds or via an existing credit line. The company also confirmed that it still has the necessary financial means for any further deals. A Swisscom spokesperson commented that the full takeover will give Swisscom greater strategic and operational flexibility. Swisscom acquired control of FastWeb through a EUR4.2 billion deal in March 2007. The acquisition was intended to counter lacklustre domestic growth.