Vodafone Group Plc (Vodafone) has completed the sale of 100% of Vodafone New Zealand Ltd (VFNZ) to a consortium comprising Infratil Ltd and Brookfield Asset Management Inc.The sale is for a cash consideration equivalent to an Enterprise Value of NZ$3.4 billion (€2.1 billion), implying an FY’19 multiple of 7.3x Adjusted EBITDA and 16.2x Adjusted OpFCF.
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, says: “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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