Swisscom Offers to Buy Italy's Fastweb for $4.9 Billion

Swisscom, the former state telecommunications monopoly, said Monday it offered to buy Fastweb, Italy's second-largest fixed-line phone company, for 3.7 billion euros ($4.9 billion) to expand into the Mediterranean nation.

The offer values Fastweb at 47 euros a share ($61.70), Swisscom said in a statement.

Fastweb's board will probably meet Monday morning to discuss the offer.

"Italy is one of the most attractive broadband markets in Europe with significant expected growth potential over the next few years," Swisscom said in a statement.

Fastweb, which has 1.1 million customers, was the first company in Italy to offer a so-called triple-play package combining voice, data and video over the Internet.

Shares in Fastweb were suspended 42.02 euros ($55.14) on the Borsa Italiana.