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Vodafone has agreed to sell its Italian operations to Swisscom for €8 billion in cash as part of Chief Executive Margherita Della Valle's plans to streamline the UK-based telecoms group.
The company also said it would return €4 billion to shareholders through buybacks and cut its dividend to 4.5 cents per share from next year, down from 9 cents in the year to March 2023.
Della Valle said the sale represents “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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