Swisscom had entered into binding agreements with U.K carrier Vodafone Group for the acquisition of 100% of Vodafone Italia

Swisscom has finalized its €8 billion ($8.33bn) acquisition of Vodafone Italy. Completion of the deal last week followed Swisscom's announcement just before Christmas that it had received all the necessary regulatory approvals to conclude the acquisition.

Swisscom said on Thursday that it has completed its acquisition of competitor Vodafone Italia, which it will now begin merging with its Italian business Fastweb.

Swisscom lowered its core earnings guidance after the deal to merge its Italian subsidiary Fastweb and Vodafone’s operations closed on Dec. 31.

The Italian Competition Authority approved Swiss carrier Swisscom’s acquisition of Vodafone Italia, contingent on specific behavioral commitments, the latter said in a release. Swisscom aims to merge Vodafone Italia with Italian telco Fastweb, Swisscom’s subsidiary in Italy.

Vodafone Group finalised the sale of its Italian unit to Swisscom, the second major deal concluded which reshape its Europe operations.

British telecommunications giant Vodafone on Thursday said it has completed the sale of its Italian operations to Swiss telecom firm Swisscom for €8 billion ($8.3 billion). The proceeds from the sale will be used to reduce Vodafone Group net debt and the Board will target to return up to €2 billion to shareholders,