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Vodafone to buy Tele2 Italy and Spain



06 October 2007 @ 06:16 am BST


Passer by walks past a Vodafone store in central London May 30, 2006. Vodafone Group Plc said on Saturday it had agreed to buy the Italian and Spanish businesses of Swedish telecoms group Tele2 AB for 775 million euros (536 million pounds) in cash.REUTERS
Passer by walks past a Vodafone store in central London May 30, 2006. Vodafone Group Plc said on Saturday it had agreed to buy the Italian and Spanish businesses of Swedish telecoms group Tele2 AB for 775 million euros (536 million pounds) in cash.REUTERS/Alessia Pierdomenico
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A source familiar with the matter told Reuters on Tuesday that Vodafone was the frontrunner to buy Tele2 Italy after Italian rivals Tiscali and Fastweb had withdrawn from the race, though at that time Italian telecoms group Wind was also said to be still interested.

Tele2 has already sold subsidiaries worth at least 6.9 billion Swedish crowns this year in a move to overhaul its portfolio and refocus on profitable broadband and mobile assets.

"As an important step in our realignment strategy, Tele2 has decided to take advantage of the consolidation processes currently taking place in the Italian and Spanish telecommunications markets in order to realise value," Tele2 President and CEO Lars Johan Jarnheimer said in a statement.

($1=.7088 Euro)

($1=6.505 Swedish Crown)

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