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Access Evolution

Access Evolution

Vodafone enters into binding terms in relation to the sale of Vodafone Hungary

Via Vodafone

Jan 9, 2023

Further to the announcement on 22 August 2022, Vodafone Group Plc1 ("Vodafone") announces that 4iG Nyrt. ("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 (€1.7bn)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
Related Topics
  • Access Evolution,
  • Europe,
  • Telco & CSP,
  • Tracker,
  • Vodafone

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This content extract was originally sourced from an external website (Vodafone) and is the copyright of the external website owner. TelecomTV is not responsible for the content of external websites. Legal Notices

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