Swisscom offers $4.9b to buy Italy's Fastweb

13 Mar 2007
00:00

(Associated Press via NewsEdge)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.

The offer values Fastweb at 47 euros ($61.70) a share , Swisscom said in a statement.

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

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.

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

© 2007 The Associated Press

© 2007 Dialog, a Thomson business. All rights reserved

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