Vodafone Set to Sell Vodafone Malta to Monaco Telecom

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

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

Vodafone Group is one of the world’s leading telecoms and technology service providers. It has 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.