Fri. 15 Mar 2024, 5:05am ET
Benzinga
M&A, News, Asset Sales
Vodafone Group Plc (“Vodafone”) announces today the final step of the portfolio right-sizing announced in May 2023, with a binding agreement to sell 100% of its Italian operations (“Vodafone Italy”) to Swisscom AG (“Swisscom”) (the “Transaction”).1
- Reshaped European footprint focused on growing markets, with strong positions and local scale
- Value-creating sale of Vodafone Italy to Swisscom for €8 billion upfront cash proceeds
- Attractive valuation, representing c.26x consensus OpFCF2 and 7.6x consensus Adjusted EBITDAaL2 for FY24
- New capital allocation framework, including dividend to be rebased to 4.5c per share from FY25 onwards, €4 billion capital return via share buybacks and new leverage range of 2.25x – 2.75x