|Bid||N/A x N/A|
|Ask||N/A x N/A|
|Day's Range||4.6800 - 4.7100|
|52 Week Range||4.4740 - 5.4650|
|Beta (3Y Monthly)||0.63|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||0.31 (6.75%)|
|1y Target Est||17.25|
(Bloomberg) -- Swisscom AG’s Italian unit Fastweb is becoming the fifth wireless carrier in an industry that had aimed to reduce the number of mobile phone players in a bid to fight shrinking revenue.Italy’s Development Ministry awarded Fastweb the license last week, a company representative said. Fastweb, which offers high-speed internet services to consumers and businesses wants to attract more lucrative subscribers from rivals such as Telecom Italia SpA and Vodafone Group Plc in one of the world’s most competitive mobile markets.Fastweb had already provided mobile service by renting space on Telecom Italia’s network. Now, it plans to build its own infrastructure. The company paid about 200 million euros ($223 million) for mobile spectrum and towers from Tiscali SpA last year and then bought 5G frequencies for 32.6 million euros. In June, Fastweb also reached a deal with CK Hutchison Holdings Ltd.’s Wind Tre to share investments to build 5G networks in Italy.Fastweb’s move goes against the consolidation trend in the Italian telecomunications industry that started in 2015, when VimpelCom Ltd. and Hutchison reached a deal to combine their Italian businesses. Between 2013 and 2018, the Italian mobile industry lost 2.4 billion euros of revenue due to a price war among service providers, according to the country’s communications regulator Agcom.When Wind and Tre agreed to merge, industry executives hoped consolidation would ultimately cut the number of Italian carriers to three from four.Instead, France’s Iliad SA, one of Europe’s most aggressive phone carriers in term of pricing, entered the Italian market last year following a request by the European regulator to maintain competition.To contact the reporter on this story: Daniele Lepido in Milan at email@example.comTo contact the editors responsible for this story: Rebecca Penty at firstname.lastname@example.org, Dan LiefgreenFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
MILAN/ROME (Reuters) - Italy's biggest phone group Telecom Italia and rival Vodafone agreed on Friday to merge their mobile tower infrastructure and to jointly roll out 5G in Italy. The deal highlights the increasing appetite for tie-ups among phone companies seeking to cut debt and share heavy investment. Under the agreement, Vodafone will transfer its Italian mobile masts to INWIT, which is currently 60 percent owned by TIM, boosting its market capitalisation from 5.1 billion euros ($5.7 billion) to as much as 9.0 billion euros ($10 billion), according to a source close to the matter .
Large-cap companies pulled European stocks higher on Friday as a surge in Britain's Vodafone and strong earnings for media businesses and Nestle spurred recovery from a sell-off driven by the European Central Bank. Vodafone gained 10.6% to record it strongest performance since late 2002 on plans to separate its towers unit in Europe into a new company worth upwards of 18 billion euros ($20 billion) with a view to a potential stock market listing. The STOXX 600 telecoms index rose 2.3% as shares of Cellnex, currently Europe's biggest towers group, gained 3.3% and Telecom Italia rose 4.1% after Vodafone agreed to jointly roll out 5G in Italy and merge their mobile mast operations.
Italy's biggest phone group Telecom Italia is set to announce on Friday a deal with rival Vodafone to merge their tower infrastructure and jointly deploy fifth generation mobile technology in Italy, a source close to the matter said. The source said an extraordinary board meeting of Telecom Italia (TIM) had been called for July 26 to approve the deal. The tower infrastructure merger will give TIM and Vodafone equal share-holdings and governance rights in INWIT, the mast group 60 percent owned by Telecom Italia, without either group having to launch a tender offer on INWIT's remaining shares.
A single network entity controlled by Italy's former monopoly phone group Telecom Italia (TIM) would be a "backward step", the country's communication watchdog chief Angelo Cardani said on Friday. Last month TIM signed a non-disclosure agreement with state lender CDP and utility Enel to kick off talks on ways of integrating its fiber optic network with that of smaller rival Open Fiber, including a possible merger. TIM's Chief Executive Luigi Gubitosi said earlier this year merging Open Fiber with TIM’s networks would be positive for both companies, adding TIM would maintain some kind of control of the new network entity.