French telecoms group Iliad has offered more than 11 billion euros ($12.57 billion) to buy Vodafone’s Italian business, the Financial Times reported on Wednesday, citing people familiar with the matter.
On Tuesday, an Iliad spokesperson had confirmed the offer without providing financial details.
Reuters last month reported that the French firm, led by billionaire founder Xavier Niel, and Vodafone were in talks to combine their respective businesses in Italy in an attempt to end cut-throat competition.
Iliad has lined up financing from a large European bank and received the backing of an unnamed investment fund to help finance the takeover, the FT reported, citing the people.
Vodafone declined to comment, while Iliad did not immediately respond to a Reuters request for comment. ($1 = 0.8749 euros) (Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Anil D’Silva)
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