AGREEMENT TO SELL VODAFONE MALTA

RNS Number : 4607X

Vodafone Group Plc

19 December 2019

 

19 December 2019

VODAFONE ANNOUNCES AGREEMENT TO SELL VODAFONE MALTA

Vodafone Group Plc ("Vodafone") announces that it has entered into an agreement to sell 100% of Vodafone Malta ("VFML") to Monaco Telecom SAM ("Monaco Telecom").¹

Monaco Telecom has agreed to acquire VFML for a cash consideration equivalent to an Enterprise Value of €250 million, implying FY19 multiples of 7.8x EBITDA and 13.1x OpFCF².

Following completion, VFML will continue to operate under the Vodafone brand for a transitional period.

The transaction is conditional on regulatory approval from the Malta Communications Authority, with completion expected in the first quarter of the 2020 calendar year.

1.  The selling entity is Vodafone Europe B.V., a 100% owned indirect subsidiary of Vodafone Group Plc
2.  Defined as EBITDA minus capex

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For further information:

Vodafone Group

Media Relations	Investor Relations
www.vodafone.com/media/contact	[e-mail]

About Vodafone Group               

 Vodafone Group is one of the world's leading telecoms and technology service providers. We have extensive experience in connectivity, convergence and the Internet of Things, as well as championing mobile financial services and digital transformation in emerging markets.

Vodafone Group has mobile operations in 24 countries, partners with mobile networks in 41 more, and fixed broadband operations in 19 markets. As of 30 September 2019, Vodafone Group had approximately 625 million mobile customers, 27 million fixed broadband customers and 22 million TV customers, including all of the customers in Vodafone's joint ventures and associates. For more information, please visit: www.vodafone.com.

About Vodafone Malta

For the financial year ended 31 March 2019, Vodafone Malta generated €82 million of revenue, €32 million of EBITDA and €19 million of OpFCF.

Advisors to Vodafone

Akira Partners LLP is acting as exclusive financial adviser to Vodafone and Norton Rose Fulbright LLP is acting as legal counsel.

About Monaco Telecom

Monaco Telecom is the incumbent telecoms operator in the Principality of Monaco, offering a comprehensive range of fixed, TV and mobile services. Proforma for its acquisition of MTN Cyprus, the company recorded revenues of €278 million in the year to 31 December 2018. The shareholders of Monaco Telecom are the Principality of Monaco and NJJ Telecoms. NJJ Telecoms has interests in telecoms operators in Europe in Cyprus, Ireland, Monaco and Switzerland.

 

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