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RNS Number : 0659M
Vodafone Group Plc
09 January 2023
9 January 2023
VODAFONE ENTERS INTO BINDING TERMS IN RELATION TO THE SALE OF
VODAFONE HUNGARY
Further to the announcement on 22 August 2022, Vodafone Group
Plc(1) ("Vodafone") announces that 4iG Public Limited Company
("4iG") and Corvinus Zrt ("Corvinus", a Hungarian state holding
company) (all together the "Parties") have completed due diligence
and the Parties have entered into binding terms in relation to the
sale of 100% of Vodafone Magyarország Zrt ("Vodafone Hungary") to
4iG and Corvinus (the "Transaction").
Vodafone will receive a total cash consideration of HUF 660bn
(EUR1.7bn)(2,3) , which represents a multiple of 8.4x Adjusted
EBITDAaL for the 12-month period ended 31 March 2022. Proceeds from
the sale are intended to be used for deleveraging.
Margherita Della Valle, Vodafone Group's interim Chief Executive
said: "This combination establishes a scaled converged operator
across mobile and fixed communications and supports the Hungarian
government's goal of creating a national Information and
Communications Technology champion. The combined entity will
increase competition and accelerate investment in the ongoing
digitalisation of Hungary."
Completion of the Transaction is subject to customary conditions
and is expected to take place in January 2023.
Notes to announcement
1. Vodafone Europe B.V. is the selling entity which is a 100%
owned indirect subsidiary of Vodafone Group Plc
2. Converted from HUF to EUR based on the exchange rate of 395.48 as at 6 January 2023
3. Cash receivable subject to customary purchase price adjustments
- ends -
For more information, please contact:
Investor Relations Media Relations
Investors.vodafone.com Vodafone.com/media/contact
ir@vodafone.co.uk GroupMedia@vodafone.com
Registered Office: Vodafone House, The Connection, Newbury,
Berkshire RG14 2FN, England. Registered in England No. 1833679
About Vodafone
Unique in its scale as the largest pan-European and African
technology communications company, Vodafone transforms the way we
live and work through its innovation, technology, connectivity,
platforms, products and services.
Vodafone operates mobile and fixed networks in 21 countries, and
partners with mobile networks in 47 more. As of 30 September 2022,
we had over 300 million mobile customers, more than 28 million
fixed broadband customers, and 22 million TV customers. Vodafone is
a world leader in the Internet of Things (IoT), connecting more
than 150 million devices and platforms.
For more information, please visit www.vodafone.com , follow us
on Twitter at @VodafoneGroup or connect with us on LinkedIn at
www.linkedin.com/company/vodafone .
About 4iG Nyrt.
4iG Nyrt., a Hungarian majority-owned company based in Budapest,
Hungary is the leading telecommunications and IT group in Hungary
and the Western Balkan region and one of the leading companies in
the knowledge-based, digital economy. The Budapest Stock Exchange
listed capital market company's fresh and innovative approach and
its position as Hungary's leading IT systems integrator make the
group a leading residential and business service provider in the
region's digital transformation. 4iG's dynamic expansion strategy
has made it a key player in the telecommunications markets in
Hungary and the Western Balkans. The Group is continuously
expanding its services, expertise, and portfolio to meet the
changes and needs of the telecommunications and IT markets. The 4iG
Group currently employs nearly 6,000 people.
Corvinus International Investment Zrt.
Corvinus International Investment Zrt. (Corvinus Zrt.) is a
sovereign investment management company wholly owned by the State
of Hungary. Its aim is to preserve and grow national assets and to
exercise state ownership in economic sectors of strategic
importance. It contributes to Hungary's economic development both
by making strategic and financial investments and by supervising
the efficient operation of portfolio companies.
Disclaimer
Certain information contained in this document constitutes
"forward-looking statements", which can be identified by the use of
terms such as "may", "will", "should", "expect", "anticipate",
"project", "estimate", "intend", "continue", "target" or "believe"
(or the negatives thereof) or other variations thereon or
comparable terminology, or by discussions of strategy, plans,
objectives, goals, future events or intentions. Such statements
express the intentions, opinions, or current expectations of the
parties with respect to possible future events and are based on
current plans, estimates and forecasts, which the parties have made
to the best of their respective knowledge, concerning, among other
things, the respective business, results of operations, financial
position, prospects, growth and strategies, statements regarding
the transaction and the anticipated consequences and benefits of
the transaction, and the targeted closing date of the transaction.
Due to various risks and uncertainties, actual events or results or
the actual performance may differ materially from those reflected
or contemplated in such forward-looking statements.
Such risks and uncertainties include, but are not limited to,
regulatory approvals that may require acceptance of conditions with
potential adverse impacts; risks involving the parties' respective
ability to realise expected benefits associated with the
transaction; the impact of legal or other proceedings; and
continued growth in the market for telecommunications services and
general economic conditions in the relevant market(s).
Furthermore, a review of the reasons why actual results and
developments may differ materially from the expectations disclosed
or implied within forward-looking statements can be found under
"Forward-looking statements" and "Principal risk factors and
uncertainties" in the Vodafone Group Plc's annual report for the
year ended 31 March 2022
No assurances can be given that the forward-looking statements
in this announcement will be realised. As a result, recipients
should not rely on such forward-looking statements. Subject to
compliance with applicable law and regulations, the parties
undertake no obligation to update these forward-looking statements.
No representation or warranty is made as to the reasonableness of
such forward-looking statements. No statement in this document is
intended to be nor may be construed as a profit forecast or
estimate for any period. Actual results could differ materially
from those expressed or implied.
This press release is for information purposes only and is not
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invitation or offer to sell, dispose, acquire, purchase or
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any jurisdiction, whether pursuant to the transaction or otherwise.
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