Swisscom offers to buy Italy's Fastweb for $4.9b

Swisscom, the former state telecommunications monopoly, said it offered to buy Fastweb, Italy's second-largest fixed-line phone company, for 3.7 billion euros ($4.9 billion) to expand into the Mediterranean nation, an Associated Press report said.

The offer values Fastweb at 47 euros ($61.70) a share , Swisscom said in a statement, quoted by the Associated Press report.

'Italy is one of the most attractive broadband markets in Europe with significant expected growth potential over the next few years,' the statement also said.

Fastweb, which has 1.1 million customers, was the first company in Italy to offer a so-called triple-play package combining voice, data and video over the Internet, the report said.

Shares in Fastweb were suspended at 42.02 euros ($55.14) on the Borsa Italiana, the report further said.

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