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 OpFCF1
and c.7.6x consensus FY24F Adjusted
EBITDAaL1.
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:
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.