10 Acquisition of Vodafone Italia
On 31 December 2024 Swisscom completed the acquisition of 100% of Vodafone Italia for a purchase price of EUR 8.0 billion (cash and debt-free). The preliminary total consideration for the acquisition of Vodafone Italia is EUR 7,821 million (CHF 7,360 million), net of cash and cash equivalents acquired. The purchase price is subject to an adjustment based on Vodafone Italia’s final net financial position as at 31 December 2024. The purchase price adjustment is expected to be paid by the end of 2025.
The business combination was provisionally recognised in the consolidated financial statements as at 31 December 2024, as not all the information required to determine the fair values of the acquired assets and liabilities was available at the time Swisscom’s consolidated financial statements were prepared. The provisional purchase price allocation was updated as of 31 March 2025 as follows:
| In million | EUR | CHF | ||
|---|---|---|---|---|
| Cash and cash equivalents | 64 | 60 | ||
| Trade receivables | 865 | 814 | ||
| Other operating assets | 439 | 413 | ||
| Current income tax assets | 73 | 69 | ||
| Property, plant and equipment | 2,060 | 1,939 | ||
| Intangible assets | 4,685 | 4,409 | ||
| Right-of-use assets | 2,259 | 2,125 | ||
| Other assets | 55 | 52 | ||
| Financial liabilities | (112) | (105) | ||
| Lease liabilities | (1,847) | (1,738) | ||
| Trade payables | (1,222) | (1,150) | ||
| Other operating liabilities | (523) | (492) | ||
| Provisions | (236) | (222) | ||
| Deferred tax, net | 20 | 19 | ||
| Other liabilities | (71) | (67) | ||
| Identified assets and liabilities | 6,509 | 6,126 | ||
| Goodwill | 1,394 | 1,312 | ||
| Consideration | 7,903 | 7,438 | ||
| Thereof cash payments | 7,885 | 7,420 | ||
| Thereof cash flow hedge reserve reclassified | 18 | 18 |
In the first quarter of 2025, the fair values for customer relationships and mobile phone licences in particular were updated on a provisional basis. As at 31 March 2025, the fair value of the recognised customer relationships amounted to EUR 2.2 billion (CHF 2.1 billion) and that of the mobile phone licences EUR 1.4 billion (CHF 1.3 billion). Previously, an amount of EUR 3.8 billion (CHF 3.6 billion) was recognised for these items. As at 31 March 2025, provisional goodwill amounted to EUR 1,394 million (CHF 1,312 million). Recognised goodwill was previously EUR 1,217 million (CHF 1,145 million).
Further adjustments to the fair value of the identifiable assets acquired and liabilities assumed are possible up to twelve months from the date of acquisition. Accounting for the business combination is provisional.