Vodafone announce sale of Kiwi entity

Vodafone Group has completed the sale of 100% of Vodafone New Zealand Limited (“VFNZ”) to a consortium comprising Infratil Limited and Brookfield Asset Management Inc. for a cash consideration equivalent to an Enterprise Value of NZ$3.4bn (€2.1bn1), implying an FY’19 multiple of 7.3x Adjusted EBITDA2 and 16.2x Adjusted OpFCF3.4
Vodafone and VFNZ have now entered into a Partner Market agreement, which includes 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.
Proceeds from the sale will be used to reduce Vodafone’s net debt.
Nick Read, CEO, Vodafone Group, said: “This transaction is a continuation of our strategy to optimise our portfolio and reduce our debt.
“I am pleased we will continue our 21-year relationship with the business and talented team in New Zealand through a Partner Market agreement, delivering Vodafone’s technology and services to benefit the country as it transitions to a digital society.”

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David Dungay

Editor - Comms Business Magazine