[Press Release] The iliad Group submits proposal to Vodafone to join forces in Italy

PRESS RELEASE

Paris, December 18, 2023,8:45 a.m.

 

The iliad Group submits proposal to Vodafone to join forces in Italy


Combining the Italian operations of iliad and Vodafone would create the most innovative telecom challenger for Italy.
Vodafone Italia valued at €10.45 billion.
Vodafone to get €8.5 billion of cash & shareholder loan.

Financial release

                                               

• The iliad Group has submitted to Vodafone Group a proposal for the merger of iliad Italia and Vodafone Italia
  
  
• Proposal values Vodafone Italia at €10.45 billion (EV). Vodafone would obtain 50% of the share capital of NewCo, together with a €6.5 billion cash payment and a €2.0 billion shareholder loan to ensure long-term alignment. Vodafone’s equity in NewCo at closing valued at €1.95 billion
  
  
• iliad Italia valued at €4.45 billion (EV). iliad would obtain 50% of the share capital of NewCo, together with a €500 million cash payment and a €2.0 billion shareholder loan.
  
  

The iliad Group today announces that it has submitted a proposal to Vodafone Group for the merger of iliad’s and Vodafone’s businesses in Italy through the creation of a new entity (“NewCo”) to establish an attractive market offering centered around innovation, growth, and unparalleled customer experience. This offer benefits from the unanimous support of iliad’s board of directors and its main shareholder Xavier Niel.

All information related to Vodafone and Vodafone Italia is based on public sources.

Potential creation of the most innovative Telecom challenger in Italy

Thanks to the joint expertise and talent at iliad and Vodafone, NewCo would become the leading actor for investment in cutting-edge technology and customer-centric solutions in the Italian telecom market, supporting and accelerating the country’s digital transformation and especially fiber adoption.

The combined entity would specifically benefit from iliad’s innovative approach to connectivity, affordability, and digital inclusivity as well as the expertise of Vodafone in B2B.

The proposed merger would create the most innovative challenger in an Italian market with 5 mobile network operators and more than 10 fixed broadband providers.

The proposed business combination is a compelling proposal for Vodafone’s stakeholders