The EU Commission has approved the acquisition of Vodafone Italia by Swisscom under the Foreign Subsidies Regulation. This decision marks another significant step towards securing the necessary regulatory approvals to finalize the transaction, according to Swisscom.
Following the announcement of the acquisition of Vodafone Italia on 15 March 2024, Swisscom notified the transaction to the EU Commission, Directorate-General for Competition, under the Foreign Subsidies Regulation on 19 August 2024. On 23 September 2024, the EU Commission confirmed that the waiting period has elapsed, unconditionally clearing the transaction.
Swisscom emphasizes that the completion of the Vodafone Italia transaction remains on track. In May 2024, the company secured financing for the purchase price of €8 billion. It has also received unconditional approval from both the Presidency of the Council of Ministers in Italy (Golden Power legislation) and the Swiss Competition Commission.
The transaction is still subject to other regulatory approvals, including that of the Italian Competition Authority (Autorità Garante della Concorrenza e del Mercato). On 11 September 2024, the Authority announced it had opened an in-depth investigation (Phase II) to assess the acquisition under Italy’s merger control rules.
In line with the announcement on 15 March 2024, Swisscom expects the transaction to complete in the first quarter of 2025.