Leading Italian Network Operator in €3.1 Billion Tender Offer by Swisscom

May 15, 2007

Cleary Gottlieb represented FastWeb, Italy’s second largest fixed-network operator, in the public tender offer by Swisscom. The offer successfully completed on May 15, with 64.1 million shares equalling 80.7% of the share capital of FastWeb tendered into the offer, for an aggregate consideration of €3.1 billion.

FastWeb is Italy’s second largest fixed-network operator and is regarded as a leading provider of IP-based services, with more than one million customers. The Swisscom Group is Switzerland’s leading telecom company, delivering all services and products for mobile, fixed and IP-based voice and data communications.