Vodafone targets investment in Italy
UK operator Vodafone will direct a large part of its investment spend into Italy, the company’s CEO Vittorio Colao has said.
Colao told national press in Italy that the country is now Vodafone’s second-largest market in Europe.
Vodafone this week sold off its US operations in Verizon Wireless for $130 billion. As a result of the deal, Verizon agreed to sell 23% of its stake in Vodafone Italy.
Following the Verizon sale, Vodafone plans to spend the proceeds by increasing its capital spend by £6 billion over three financial years.
The plan, entitled “Project Spring” aims to improve network quality for customers in Europe and emerging markets.
“Italy will play a big part in our Project Spring to speed up 4G and develop more fibre – ours or in collaboration with Telecom Italia at sustainable prices,” said Colao.
Analysts have questioned the reaction of rival European operators Telefónica and Telecom Italia to Vodafone’s step-up in spending.
“Consolidation [in Europe] is inevitable,” Colao is reported as saying.