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Swisscom plans Fastweb takeover

Swisscom has confirmed plans to make a takeover offer for all outstanding shares of Fastweb, representing 17.918% of the Italian ISP’s shares capital for an offer price equal to €18 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 €256m.

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 €1.9bn and operating income of €138m. “Swisscom believes the Italian market offers further growth potential and opportunities for Fastweb. Swisscom will focus on both core markets, Switzerland and Italy,” the telco said.