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Vodafone Italy Sold to SwisscomSale Of Vodafone Italy For €8 Billion CompletesVodafone announced it has completed the sale of its Italian operations to Swisscom for €8.0 billion in cash. The transaction values Vodafone Italy at a multiple of 7.6x consensus Adjusted EBITDAaL and c.26x OpFCF for FY24, representing a premium to the Group’s trading multiple and the highest OpFCF3 multiple of any Vodafone market transaction in the last 10 years. As part of the transaction, Vodafone and Swisscom have entered into an agreement whereby Vodafone will continue to provide certain services to Vodafone Italy for a period of up to five years post deal completion. Proceeds from this sale will be used to reduce Vodafone Group net debt and the Board will target to return to shareholders up to €2.0 billion, as already expressed in the announcement of the transaction dated 15 March 2024, once the current buyback programme has completed. Source: Vodafone media announcement | |
