Vodafone Group Plc today confirms that Vodafone Greece has completed the acquisition of 72.7% of the share capital of Hellas Online SA (“HOL”), a leading provider of broadband and fixed-line telephony in Greece, for a total cash consideration of €72.7m. Vodafone Greece now owns 91.2% of HOL and will extend a mandatory takeover offer for the remaining shares in HOL. The transaction values the fully diluted equity of HOL at €100m and is equivalent to an enterprise value of €311m including HOL’s adjusted net debt of €211m1.
1 Adjusted net debt of €211m based on reported net debt as at 31 December 2013 of €157.3m adjusted for €0.7m of derivative financial instruments, €43.1m of related party financing and €10.0m preference shares issued in December 2011
Note: exchange rate of £1.00:€1.263
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Vodafone is one of the world’s largest telecommunications companies and provides a range of services including voice, messaging, data and fixed communications. Vodafone has mobile operations in 26 countries, partners with mobile networks in 53 more, and fixed broadband operations in 17 markets. As of 30 September 2014, Vodafone had 438 million mobile customers and 11 million fixed broadband customers. For more information, please visit: www.vodafone.com.
About Hellas Online
Hellas Online (“HOL”) is one of the leading providers of fixed-line telephony services in Greece, providing a range of voice and internet access services. HOL owns and operates a large core backbone network throughout continental Greece and through its points of presence (PoPs) it offers significant population coverage of the two largest cities in Greece, Athens and Thessaloniki.
HOL has provided internet access services in Greece since 1993, having been one of first internet service providers (ISPs) in the country and has evolved from an ISP to a fixed-line telecommunications services provider offering a broad range of retail, business and wholesale services.