Swisscom has placed its bid to purchase Italian telecom group Fastweb. Swisscom has offered Euro 47 per share, valuing the company at Euro 3.7 billion. According to sources, Fastweb has as of now approved its sale to Swisscom, provided no higher offer is submitted later. Fastweb currently focuses on the broadband and entertainment segments. It has spent Euro 3 billion on a high speed fibre optic network, which can be accessed by 45 per cent of the Italian population. Acquiring Fastweb is expected to boost Swisscom’s sales and operating profits by 20 per cent. The proposed purchase will be funded via treasury shares and debt.
