Swisscom cleared to buy FastWeb
Swisscom has been cleared to take full control of Italian ISP FastWeb, gaining approval to acquire outstanding shares in a cash deal worth €256 million.
The Italian firm’s board approved Swisscom’s €18 per share offer for the 17.918% the Swiss incumbent doesn’t already own yesterday, after Italy’s competition commission gave the deal the green light.
Swisscom’s local subsidiary Swisscom Italia, which already owns just over 82% of FastWeb, will handle the transaction.
The Swiss incumbent announced its intention to buy up the remaining shares last month, stating it would de-list FastWeb from the Milan stock exchange once the deal is completed.
Germany’s UniCredit Bank is guaranteeing the all-cash acquisition.
FastWeb is one of a trio of operators that have set up a fiber company rivaling incumbent Telecom Italia, which promises to deploy fiber to 10 million homes in 15 cities by 2015.
However, the ISP is dogged by a continuing investigation into its role in an alleged fraud conducted with rival Sparkle. Several key executives are named in the probe, which is set to go to trial on November 2.