REG - Vodafone Group Plc - Update regarding Vodafone Italy

VodafoneAnnouncement

28/02/2024 07:15

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RNS Number : 7583E  Vodafone Group Plc  28 February 2024

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

28 February 2024

 

Update regarding Vodafone Italy

 

Vodafone Group Plc (“Vodafone”) notes recent media speculation and
confirms it is in exclusive discussions with Swisscom AG (“Swisscom”)
regarding a potential sale of Vodafone Italy to Swisscom for cash.

 

Subject to confirming binding transaction documentation, the parties have
agreed that Swisscom will acquire Vodafone Italy for an enterprise value of
€8 billion on a debt and cash free basis and subject to customary closing
adjustments. The enterprise value represents a multiple of c.26x consensus
FY24F OpFCF(1) and c.7.6x consensus FY24F Adjusted EBITDAaL(1).

 

Vodafone has engaged extensively with several parties to explore market
consolidation in Italy and believes this potential transaction delivers the
best combination of value creation, upfront cash proceeds and transaction
certainty for Vodafone shareholders.

 

There can be no certainty that any transaction will ultimately be agreed. If
required, a further announcement will be made when appropriate.

 

This communication contains inside information. This is a public announcement pursuant to Article 17 paragraph 1 of the European Market Abuse Regulation (596/2014), including as applied in the UK.

 

 

For more information, please contact:

 

 Investor Relations                            Media Relations
 Investors.vodafone.com                        Vodafone.com/news/contact-us
 ir@vodafone.co.uk (mailto:ir@vodafone.co.uk)  GroupMedia@vodafone.com (mailto:GroupMedia@vodafone.com)

Registered Office: Vodafone House, The Connection, Newbury, Berkshire RG14
2FN, England. Registered in England No. 1833679

 

Person responsible

The person responsible for arranging the release of this announcement on
behalf of Vodafone is Maaike de Bie, Group General Counsel and Company
Secretary (Tel: +44 (0)1635 33251).

 

Note to announcement

1.  For the 12 month period ending 31 March 2024. Based on company compiled
consensus as at February 2024, after adjusting for approximately €176m of
group services charges which are not included in EBITDAaL for the purposes of
Vodafone segmental reporting and €97m of non-cash items included in
EBITDAaL. OpFCF defined as Adjusted EBITDAaL less capital expenditure.

About Vodafone

Vodafone is the largest pan- European and African telecoms company. We provide
mobile and fixed services to over 300 million customers in 17 countries,
partner with mobile networks in 45 more and have one of the world's largest
IoT platforms. In Africa, our financial technology businesses serve more than
76 million customers across eight countries - managing more transactions than
any other provider

Our purpose is to connect for a better future by using technology to improve
lives, businesses and help progress inclusive sustainable societies. We are
committed to reducing our environmental impact to reach net zero emissions by
2040.

 

For more information, please visit www.vodafone.com, follow us on X (formerly
Twitter) at @VodafoneGroup or connect with us on LinkedIn at
www.linkedin.com/company/vodafone.

 

 

 

 

 

 

 

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