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Vodafone announces sale of Vodafone New Zealand

Mna News - Published on Tue, 14 May 2019

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Vodafone Group Plc announced the sale of 100% of Vodafone New Zealand Limited to a consortium comprising Infratil Limited and Brookfield Asset Management Inc. The Consortium has agreed to acquire VFNZ for a cash consideration equivalent to an Enterprise Value of NZD 3.4 billion (EUR 2.1 billion), implying an FY’19 LTM multiple of 7.3x Adjusted EBITDA3 and 16.2x Adjusted OpFCF4. On completion, Vodafone and VFNZ will enter into a Partner Market agreement, which will include use of the Vodafone brand, preferential roaming arrangements, access to Vodafone’s global IoT platform and central procurement function, and a range of services for the business and consumer markets.

Mr Nick Read, Chief Executive of Vodafone Group, said that “An important aspect of our strategy is the active management of our portfolio and deleveraging, which this transaction further demonstrates. We have always been proud of our Vodafone New Zealand business, which has a great team, and we look forward to a continued close relationship through our Partner Market agreement.”

The Transaction is subject to customary regulatory approvals, with completion anticipated during Vodafone’s 2020 financial year.

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Posted By : TelecomGuru on Tue, 14 May 2019
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