Ad hoc announcement pursuant to Art. 53 LR
Swisscom informs that Fastweb + Vodafone has given notice of termination of the Master Service Agreement (MSA) with Infrastrutture Wireless Italiane (INWIT), in full compliance with the contractual provisions. In accordance with the contractual notice period, the MSA will formally terminate at the end of March 2028.
Fastweb + Vodafone will initiate discussions with INWIT to agree on a migration plan that will span over multiple years as per the provisions of the MSA and to ensure operational continuity until and after March 2028. The migration plan will rely on agreements with third-party passive infrastructure providers and initiatives with Fastweb + Vodafone participation.
The decision to terminate the MSA stems from INWIT’s tower costs being above market level and its refusal to engage in formal negotiations to align with standard market conditions. INWIT’s above‑market prices reduce Fastweb + Vodafone’s ability to make the investments necessary to maintain high‑quality mobile networks and support Italy’s digitalisation.
The termination of the agreements with INWIT will allow Fastweb + Vodafone to progressively redirect financial resources toward the development of new infrastructure, improve network quality and coverage, accelerate 5G roll-out, and leverage its level of investments of currently EUR 1.5 billion p.a.
Fastweb + Vodafone confirms that all actions undertaken are in full compliance with the MSA, including the right to terminate the agreement with two years’ prior notice, effective end of March 2028. Upon the occurrence of the Change of Control (as defined unambiguously in the MSA) in December 2020, INWIT did not exercise its option to extend the term of the MSA and, therefore, the original term of the agreement prevails.
In light of the repeated public statements by INWIT, in which INWIT claims that the current MSA is subject to a fixed term until 2038, Fastweb + Vodafone has filed an action before the competent courts to assert its contractual right to terminate the MSA.
Swisscom will inform the market of any significant developments.
Swisscom AG
SCMN / Valor 874251 / ISIN CH0008742519
Group Media Relations
CH-3050 Bern
Phone +41 58 221 98 04
E-Mail media@swisscom.com
www.swisscom.ch
Disclaimer
This notification contains forward-looking statements. In this notification, such forward-looking statements include, without limitation, statements relating to our financial condition, results of operations and business and certain of our strategic plans and objectives.
Because these forward-looking statements are subject to risks and uncertainties, actual future results may differ materially from those expressed in or implied by the statements. Many of these risks and uncertainties relate to factors that are beyond Swisscom’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behaviour of other market participants, the actions of governmental regulators and other risk factors detailed in the past and future filings and reports of Swisscom, Fastweb and Vodafone Italia (Fastweb + Vodafone Italia), including those filed with the U.S. Securities and Exchange Commission and in past and future filings, press releases, reports and other information posted on Swisscom Group Companies’ websites.
Readers are cautioned not to put undue reliance on forward-looking statements, which speak only of the date of this communication.
Swisscom disclaims any intention or obligation to update and revise any forward-looking statements, whether as a result of new information, future events or otherwise.