Swisscom has confirmed plans to make a takeover offer for all outstanding shares of Fastweb, representing 17.918% of the Italian ISPs shares capital for an offer price equal to Â18 per share. Swisscom said it is looking to acquire all the remaining minority shares in Fastweb and to delist it from the Milan stock exchange. The total purchase price is Â256m.
Swisscom currently indirectly owns 82.082% of Fastweb’s shares, acquired as part of the first public takeover offer in May 2007 and prior market purchases. Since being taken over by Swisscom, Fastweb has achieved strong growth, with a broadband customer base at the end of June of around 1,693,800. In 2009 Fastweb reported revenue of Â1.9bn and operating income of Â138m. ÂSwisscom believes the Italian market offers further growth potential and opportunities for Fastweb. Swisscom will focus on both core markets, Switzerland and Italy,Â the telco said.