Vodafone to Sell Italian Operations to Swisscom Without Need of Shareholder Approval
By Michael Susin
Vodafone said the sale of Vodafone Italy to Swisscom will no longer require shareholder approval given that the new U.K. listing rules classifies the deal as a significant transaction.
The U.K. telecom company said Monday that its board believes the transaction is in the best interests of its shareholders.
The company previously said it expects to receive upfront cash proceeds of 8 billion euros ($8.93 billion) and the transaction is expected to have a broadly neutral impact on its net assets.
The deal received regulatory clearance from the European Union Commission on Tuesday and is expected to be completed in the first quarter of 2025, Swisscom previously said.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
September 30, 2024 02:39 ET (06:39 GMT)
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