31 May 2024
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Sale of
Vodafone Spain completes
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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 cash2 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
EBITDAaL3 and 13.0x OpFCF4
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
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