Vodafone Group Plc has successfully completed the sale of Vodafone Spain to Zegona Communications plc for €4.1 billion in cash 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 and 13.0x OpFCF for the 12-month period ended 30 September 2023. As part of the transaction, Vodafone will continue to provide certain services to Vodafone Spain and maintain a presence in Spain through its Innovation Hub in Málaga.
The selling entity, Vodafone Europe B.V., a 100% owned subsidiary of Vodafone Group Plc, completed the sale to Zegona Bidco, S.L.U., a 100% owned subsidiary of Zegona Communications plc. The sale is subject to closing accounts adjustments. Vodafone's purpose is to connect for a better future by using technology to improve lives, businesses, and help progress inclusive sustainable societies. The company is committed to reducing its environmental impact to reach net zero emissions by 2040.
Zegona, established in 2015, aims to invest in businesses in the European Telecommunications, Media, and Technology sector and improve their performance to deliver attractive shareholder returns. The company is led by former Virgin Media executives Eamonn O'Hare and Robert Samuelson.
For more information, please visit www.vodafone.com, follow Vodafone on X (formerly Twitter) at @VodafoneGroup, or connect with the company on LinkedIn at www.linkedin.com/company/vodafone.