Vodafone recently announced that it has agreed to sell its 25 percent interest in Swisscom Mobile to Swisscom for a cash consideration of £1.8 billion. Swisscom already owns an approximate 75 percent of the wireless operator. The companies have inked an initial five-year term contract.
The new contract will allow customers from both companies to receive Vodafone's global services such as Vodafone live!, preferred roaming arrangements, and international roaming services; as well as use the company's Blackberry devices. During this transition, Vodafone and Swisscom will continue to co-operate in serving international corporate customers.
"Vodafone and Swisscom have enjoyed an excellent relationship since we acquired our 25% stake in Swisscom Mobile in January 2001. We do not, however, see ourselves as the most appropriate holder of this minority stake in the longer-term and Swisscom is keen to increase its holding in Swisscom Mobile to drive through synergies in its fixed and mobile businesses. It therefore makes sense to sell our stake now for an attractive price," commented Arun Sarin, Vodafone's chief executive.
Today's news comes on the heels of Vodafone's announcement about it teaming up with Yahoo! to launch a mobile advertising business. Under a new agreement, Yahoo! will become Vodafone's exclusive display advertising partner in the UK. Yahoo! will provide a variety of mobile advertising formats across Vodafone's content services. Vodafone and Yahoo! plan to roll out the initiative in the UK in the first half of 2007.
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