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Vodafone Announced Earlier Binding Agreement To Sell 100% Of Its Italian Operations To Swisscom For €8B Cash

Author: Charles Gross | March 15, 2024 05:05am

Vodafone Group Plc (“Vodafone”) announces today the final step of the portfolio right-sizing announced in May 2023, with a binding agreement to sell 100% of its Italian operations (“Vodafone Italy”) to Swisscom AG (“Swisscom”) (the “Transaction”).1

  • Reshaped European footprint focused on growing markets, with strong positions and local scale
  • Value-creating sale of Vodafone Italy to Swisscom for €8 billion upfront cash proceeds
  • Attractive valuation, representing c.26x consensus OpFCF2 and 7.6x consensus Adjusted EBITDAaL2 for FY24
  • New capital allocation framework, including dividend to be rebased to 4.5c per share from FY25 onwards, €4 billion capital return via share buybacks and new leverage range of 2.25x – 2.75x

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