14 May 2024
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Spain
sale approved, €2bn share buyback to begin
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Vodafone Group Plc ("Vodafone")
announces today that the sale of Vodafone Spain to Zegona
Communications plc ("Zegona")1
has received final approval from the Spanish authorities. The sale
is expected to complete at the end of May 2024, at which point
Vodafone will receive €4.1 billion in cash (subject to customary
closing adjustments) and €0.9 billion in the form of Redeemable
Preference Shares.
As a result, Vodafone now intends to
commence an initial €500 million share buyback programme on 15 May
2024, as part of our plans to return €2.0 billion over 12
months.
Notes
1.
The selling entity is Vodafone Europe B.V. which
is a 100% owned subsidiary of Vodafone Group Plc. The buying entity
is Zegona Bidco, S.L.U. which is a 100% owned subsidiary of Zegona
Communications plc.
About Vodafone
Vodafone is a leading European and
African telecoms company. We provide mobile and fixed services to
over 330 million customers in 15 countries (excludes Italy and
Spain which are held as discontinued operations under Vodafone
Group), partner with mobile networks in 43 more and have one of the
world's largest IoT platforms. In Africa, our financial technology
businesses serve almost 79 million customers across seven countries
- managing more transactions than any other provider.
Our purpose is to connect for a
better future by using technology to improve lives, businesses and
help progress inclusive sustainable societies. We are committed to
reducing our environmental impact to reach net zero emissions by
2040.
For more information, please visit
www.vodafone.com, follow us on X (formerly Twitter) at
@VodafoneGroup or connect with us on LinkedIn at
www.linkedin.com/company/vodafone.
About Zegona
Zegona was established in 2015 with
the objective of investing in businesses in the European
Telecommunications, Media and Technology sector and improving their
performance to deliver attractive shareholder returns. Zegona is
led by former Virgin Media executives Eamonn O'Hare and Robert
Samuelson.
Important notice
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 2023.
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 intended to and does not
constitute, or form part of, any invitation or offer to sell,
dispose, acquire, purchase or subscribe for any securities of any
companies mentioned herein in any jurisdiction, whether pursuant to
the transaction or otherwise. This document shall not be
distributed or used by any person or entity in any jurisdiction
where such distribution or use.
For more information, please
visit www.investors.vodafone.com