REG - Vodafone Group Plc - Sale of Vodafone Spain completes

VodafoneAnnouncement

31/05/2024 11:00

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RNS Number : 5299Q  Vodafone Group Plc  31 May 2024

31 May 2024

 Sale of Vodafone Spain completes

 

Further to the announcement on 14 May 2024, Vodafone Group Plc ("Vodafone")
announces it has completed the sale of Vodafone Holdings Europe, S.L.U.
("Vodafone Spain") to Zegona Communications plc ("Zegona")(1) for €4.1
billion in cash(2) and €0.9 billion in the form of redeemable preference
shares.

The enterprise value of €5.0 billion represents a multiple of 5.6x Adjusted
EBITDAaL(3) and 13.0x OpFCF(4  )for the 12-month period ended 30 September
2023.

As part of this transaction Vodafone and Zegona have also entered into an
agreement whereby Vodafone will provide certain services to Vodafone Spain
after completion of the transaction and Vodafone will continue to have a
presence in Spain through its Innovation Hub in Málaga.

 

 

 

Notes

1.   The selling entity is Vodafone Europe B.V. which is a 100% owned
subsidiary of Vodafone Group Plc. The buying entity is Zegona Bidco, S.L.U.
which is a 100% owned subsidiary of Zegona Communications plc.

2.   Subject to closing accounts adjustments

3.   Adjusted EBITDAaL as defined in Non-GAAP measures on page 236 of the
Vodafone Annual Report 2024

4.   OpFCF defined as Adjusted EBITDAaL less capital expenditure

 

 

 

 

 For more information, please contact:
 Investor Relations:  i (https://investors.vodafone.com) nvestors.vodafone.com  ir@vodafone.co.uk (mailto:ir@vodafone.co.uk)  Media Relations:  Vodafone.com/media/contact (https://Vodafone.com/media/contact)  GroupMedia@vodafone.com (mailto:GroupMedia@vodafone.com)
                      (https://investors.vodafone.com)
 Registered Office: Vodafone House, The Connection, Newbury, Berkshire RG14
 2FN, England. Registered in England No. 1833679

About Vodafone

Vodafone is a leading European and African telecoms company. We provide mobile
and fixed services to over 330 million customers in 15 countries (excludes
Italy and Spain which are held as discontinued operations under Vodafone
Group), partner with mobile networks in 43 more and have one of the world's
largest IoT platforms. In Africa, our financial technology businesses serve
almost 79 million customers across seven 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.

 

About Zegona

Zegona was established in 2015 with the objective of investing in businesses
in the European Telecommunications, Media and Technology sector and improving
their performance to deliver attractive shareholder returns. Zegona is led by
former Virgin Media executives Eamonn O'Hare and Robert Samuelson.

 

 

For more information, please visit www.investors.vodafone.com
(http://www.investors.vodafone.com)

 

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