Vodafone plans to return four billion euros to shareholders following the sale of its Italian and Spanish units. Photo: Miguel MEDINA / AFP/FileBritish telecoms giant Vodafone said Friday it has agreed to sell its Italian unit to Swisscom for eight billion euros , completing efforts to overhaul the UK group's European operations.
The UK group said it intends to return four billion euros to its shareholders following the sales of its Italian and Spanish businesses, which together total 12 billion euros. "Going forward, our businesses will be operating in growing telco markets -- where we hold strong positions -- enabling us to deliver predictable, stronger growth in Europe," she said in a statement."The industrial logic of this merger is very strong," Swisscom CEO Christoph Aeschlimann said."Fastweb and Vodafone Italia are an ideal fit to create high added value for all stakeholder.