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.

Vodafone completes £6.6bn deal to offload Italian arm - The mobile phone giant last month saw its £15 billion mega-merger with Three UK given the green light by Britain’s competition regulator.

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.