Vodafone Group Plc has announced that it has entered into an agreement to sell 100% of Vodafone Malta to Monaco Telecom SAM (Monaco Telecom).
Monaco Telecom has agreed to acquire Vodafone Malta for a cash consideration equivalent to an Enterprise Value of €250 million.
The company said that following completion, Vodafone Malta will continue to operate under the Vodafone brand for a transitional period.
Vodafone Group also explained that the transaction is conditional on regulatory approval from the Malta Communications Authority, with completion expected in the first quarter of 2020.
Monaco Telecom is the incumbent telecoms operator in the Principality of Monaco, offering a comprehensive range of fixed, TV and mobile services.
Proforma for its acquisition of MTN Cyprus, the company recorded revenues of €278 million in the year to 31 December 2018.
The shareholders of Monaco Telecom are the Principality of Monaco and NJJ Telecoms. NJJ Telecoms has interests in telecoms operators in Europe in Cyprus, Ireland, Monaco and Switzerland.