Vodafone Group Plc announces that 4iG Nyrt. and Corvinus Zrt have completed due diligence and the Parties have entered into binding terms in relation to the sale of 100% of Vodafone Magyarország Zrt to 4iG and Corvinus.
Vodafone will receive a total cash consideration of HUF 660bn (€1.7bn), 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.