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Vodafone has agreed to sell its Italian operations to Swisscom for €8bn in cash as part of chief executive Margherita Della Valle’s plans to simplify the UK-based telecoms group.
The company also said that it would return €4bn to shareholders through buybacks and cut its dividend to 4.5 cents a share from next year, down from 9 cents in the year to March 2023.
Della Valle said the sale marked “the third and final step in the reshaping of our European operations”. Vodafone previously announced the sale of its Spanish business and a proposed merger in the UK.
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This post was originally published on Financial Times
