Swisscom said on Thursday that it has completed its acquisition of competitor Vodafone Italia, which it will now begin merging with its Italian business Fastweb.

Swisscom lowered its core earnings guidance after the deal to merge its Italian subsidiary Fastweb and Vodafone’s operations closed on Dec. 31.

The Italian Competition Authority approved Swiss carrier Swisscom’s acquisition of Vodafone Italia, contingent on specific behavioral commitments, the latter said in a release. Swisscom aims to merge Vodafone Italia with Italian telco Fastweb, Swisscom’s subsidiary in Italy.

Vodafone Group finalised the sale of its Italian unit to Swisscom, the second major deal concluded which reshape its Europe operations.

The way is clear for the takeover of Vodafone Italia S.p.A. by the leading Swiss telecoms company Swisscom AG. After the Directorate General for Competition of the EU Commission, the Italian Presidency of the Council of Ministers and the Swiss Competition Commission had already given their approval on September 23,

Swiss telco Swisscom has completed its acquisition of Vodafone Italia in a move set to reshape the competitive landscape of Italy’s telecoms sector. The deal, valued at €8 billion, was finalised on December 31 following approval from Italian regulators earlier in the month.