Sale of Vodafone Italy ⫶ € 8 billion enterprise value
c.26x OpFCF / 7.6x Adjusted EBITDAaL ⫶ highest OpFCF multiple of any Vodafone market transaction in the last 10 years € 8bn ⫶ upfront cash proceeds, subject to customary closing adjustments Multi-year service agreements ⫶ c. € 350m in year 1, contracts for up to 5 years + exploring commercial relationship with Swisscom Targeting completion in H1 2025 ⫶ Conditional on regulatory approval from the Italian Competition Authority
Value creation
Upfront cash proceeds
Transaction certainty
Investor update ⫶ March 2024
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