The Italian Competition Authority (AGCM) opened a Phase II review, an in-depth investigation which occurs when the authority believes that a prospective merger could raise significant competition concerns.
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Swisscom said Phase II reviews “are not uncommon in the telecoms sector,” however, the company believes its acquisition “is on track.”
The proposed €8 billion deal, first announced in March, would see Vodafone Italy merge with Swisscom’s Fastweb brand.
“We will continue to work closely and constructively with the Italian Competition Authority to secure a timely clearance,” the company said in a statement. “Swisscom will keep the market updated on any significant developments.”
Swisscom said the deal has received unconditional approval from both the Presidency of the Council of Ministers in Italy and the Swiss Competition Commission.
The company said it "remains convinced that the transaction is pro-competitive,” with the deal expected to be completed in the first quarter of 2025.
In addition to selling its Italian arm, Vodafone also recently sold its Spanish business to Zegona and is attempting to merge its British unit with Three UK though it’s facing concerns from competition authorities over the impact on consumer prices.
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