Vodafone, Iliad Explore Merger Of Italian Operations: Report

Telecom firm Vodafone Group PLC VOD looks to strike a deal in Italy to combine its business with peer Iliad SA ILIAY, Reuters reports.
The report adds that Iliad, which will make its wireline broadband debut in Italy on January 25, is working with investment bank Lazard Ltd LAZ on its strategic plans in Italy.
The deal could create a telecoms powerhouse with a mobile market penetration of ~36% and combined revenues of ~€6 billion ($6.80 billion).
Vodafone has annual revenue of ~€5 billion in Italy and a 28.5% market penetration among mobile phone customers.
Iliad reported €674 million in annual revenue in 2020 and a mobile market share of about 7.7%.
Price Action: VOD shares traded higher by 6.63% at $16.88 in the premarket session on the last check Monday.