REG - Vodafone Group Plc - Spain sale approved, EUR2bn share buyback to begin

VodafoneAnnouncement

14/05/2024 15:45

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RNS Number : 3938O  Vodafone Group Plc  14 May 2024

14 May 2024

 Spain sale approved, €2bn share buyback to begin

 

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.

 

 

 For more information, please contact:
 Investor Relations:  i (https://investors.vodafone.com) nvestors.vodafone.com  ir@vodafone.co.uk (mailto:ir@vodafone.co.uk)  Media Relations:  Vodafone.com/media/contact (https://Vodafone.com/media/contact)  GroupMedia@vodafone.com (mailto:GroupMedia@vodafone.com)
                      (https://investors.vodafone.com)
 Registered Office: Vodafone House, The Connection, Newbury, Berkshire RG14
 2FN, England. Registered in England No. 1833679

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
(http://www.investors.vodafone.com)

 

 

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