One more move of Xavier Niel in the Telecoms world

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

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 OpFCF.

Following completion of the sale, 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. The completion of the sale is expected in the first quarter of the 2020 calendar year.

“The ambition of our two shareholders – NJJ and the Monegasque government – is to make Monaco Telecom a group specialized in small countries on the Mediterranean perimeter,” explains Martin Péronnet.

For the financial year ended 31 March 2019, Vodafone Malta generated €82 million of revenue, €32 million of EBITDA and €19 million of OpFCF.

Vodafone Group is one of the world’s leading telecoms and technology service providers. We have extensive experience in connectivity, convergence and the Internet of Things, as well as championing mobile financial services and digital transformation in emerging markets.

Vodafone Group has mobile operations in 24 countries, partners with mobile networks in 41 more, and fixed broadband operations in 19 markets. As of 30 September 2019, Vodafone Group had approximately 625 million mobile customers, 27 million fixed broadband customers and 22 million TV customers, including all of the customers in Vodafone’s joint ventures and associates.

Monaco Telecom is the incumbent telecoms operator in the Principality of Monaco, offering a comprehensive range of fixed, TV and mobile services. Proforma for its acquisition of MTN Cyprus, the company recorded revenues of €278 million in the year to 31 December 2018.

The shareholders of Monaco Telecom are the Principality of Monaco and NJJ Telecoms to the level of 55% since 2014. NJJ Telecoms is hold by Xavier Niel. He has interests in telecoms operators in Europe in Cyprus, Ireland (as partner in Eir), Monaco, Senegal (Tigo) and Switzerland (with Salt).

Monaco Telecom acquires 100% Vodafone Malta

Article Joana Foglia – Sources: Vodafone; RNS

Monaco Telecom acquires 100% Vodafone Malta