Vodafone Group Plc has confirmed that it is in exclusive discussions with Swisscom AG regarding a potential sale of Vodafone Italy for cash. The potential acquisition would see Swisscom acquiring Vodafone Italy for an enterprise value of €8 billion on a debt and cash-free basis, subject to customary closing adjustments. This represents a multiple of approximately 26x consensus FY24F OpFCF and 7.6x consensus FY24F Adjusted EBITDAaL. 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.
However, the company has emphasized that there is no certainty that any transaction will ultimately be agreed. Vodafone has also stated that if required, a further announcement will be made when appropriate. This communication contains inside information and is a public announcement pursuant to Article 17 paragraph 1 of the European Market Abuse Regulation (596/2014), including as applied in the UK.
Vodafone is the largest pan-European and African telecoms company, providing mobile and fixed services to over 300 million customers in 17 countries and partnering with mobile networks in 45 more. The company's financial technology businesses in Africa serve more than 76 million customers across eight countries. 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.