Swisscom is pleased to announce that its bid for Fastweb shares was successful. The acceptance level of its offer is at 80.7%. Together with previously acquired 1.7% of Fastweb shares Swisscom will own 82.4% of Fastweb. The total purchase price is EUR 3.1 billion. Together with the assumed net debt of Fastweb of EUR 1.1 billion the total transaction amounts to EUR 4.2 billion or CHF 6.9 billion. Swisscom plans to finance the transaction through new debt of around CHF 5.9 billion, the proceeds from the sale of Antenna Hungaria of CHF 0.5 billion and the placement of treasury shares for an amount of up to CHF 0.5 billion. As now all conditions set in the offer document have been fulfilled, settlement of the tender offer will take place on 22 May 2007.
My best congratulations to my friend Andrea Terzaghi (thanks for being the first from the people I know in FW, to share this news, Andrea!) and the other Milan-INers that curently work for Fastweb (we have plenty of FW employees and managers in the Club).
When i first heard about the Swisscom->FW bid i feel it like a sign of the time.
Global markets are obligate to convergence , fusion and acquisition.
Focus on this point of view this acquisition look me positive. Swisscom , a "medium" company but with huge financial is out of all the typical "italian games" , eg: china-boxes company , political pressure and so, and can drive the company on the right way.( one of the most innovative , for broadband , in the poor italian scenario ).
I hope that this fact can start a competition between operators to give the best SERVICE ( and improvements, newtwork expansions, and so ) ; in other ways shake the static situation , where only big city benefit of the broadband and all the ( majority ) small town are out.
my look go to TELECOM Italia, next company that MUST be reformed.
we wait...
Posted by No_CQRT on Thursday, May 17th, 2007 at 09:01
Luca,
I'd say that I completely agree with you :) It's for sure a VERY GOOD happening for the non healthy Italian market. We'll see.
P.S. And I also hope that Andrea Terzaghi himself will leave us some comments here, it's important how the middle manager sees the situation from inside the company! ;)
Andrea- do not be afraid, we're all friends here!
Posted by Andrey Golub on Thursday, May 17th, 2007 at 09:32
RSS