Swisscom to buy back Voda stake

As announced last month, Swisscom will buy back the 25 percent stake that Vodafone holds in its mobile unit for a cool $3.48 billion in a fully debt-financed deal expected to close tomorrow. Swisscom said it will still offer services with Vodafone. Voda has held the stake in Swisscom Mobile since March 2001, and the companies jointly powered Swisscom Mobile's 3G service Vodafone Live! Voda chief Arun Sarin said in May that the company would make fewer acquisitions and sell off many of its minority stakes in assets that don't bring in a superior return.

For more on Swisscom's deal with Voda:
- check out this article from the WSJ (sub. req.)