Vodafone says goodbye to Italy, "reshapes" its presence in Europe and with the proceeds from the sale to Swisscom (8 billion) intends to reward shareholders with 4 billion in redistribution.
“Today I am announcing the third and final step in the reshaping of our European operations. Looking ahead, we will operate in growth markets, where we have strong positions, enabling us to deliver predictable and stronger growth in Europe. This will be accompanied by our acceleration in B2B, while we continue to gain share in a digital services market" explains CEO Margherita DellaValle.
The sale of Vodafone Italia to Swisscom "creates significant value for Vodafone and guarantees the company the maintenance of its leadership position in Italy, built thanks to dedicated commitment from our colleagues.
The operations in Italy and Spain will provide €12 billion of upfront cash proceeds and we intend to return €4 billion to shareholders through buybacks, as part of our broader capital allocation overhaul."
Margherita Della ValleChief Executive Officer of the Group
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