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Press Release -- December 19th, 2019
Source: Vodafone Group
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Vodafone Announces Agreement To Sell Vodafone Malta

Vodafone Group Plc ("Vodafone") announces that it has entered into an agreement to sell 100% of Vodafone Malta ("VFML") to Monaco Telecom SAM (“Monaco Telecom”).1

Monaco Telecom has agreed to acquire VFML for a cash consideration equivalent to an Enterprise Value of €250 million, implying FY19 multiples of 7.8x EBITDA and 13.1x OpFCF2.

Following completion, VFML will continue to operate under the Vodafone brand for a transitional period.

The transaction is conditional on regulatory approval from the Malta Communications Authority, with completion expected in the first quarter of the 2020 calendar year.

1. The selling entity is Vodafone Europe B.V., a 100% owned indirect subsidiary of Vodafone Group Plc
2. Defined as EBITDA minus capex

For further information:

Vodafone Group

Media Relations                                                 Investor Relations
www.vodafone.com/media/contact                      ir@vodafone.co.uk

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