Vodafone Group has agreed to sell 100% of Vodafone Malta (VFML) to Monaco Telecom.
In a statement, Vodafone Group says the cash deal values VFML at €250 million and is conditional on regulatory approval from the Malta Communications Authority (MCA), with completion expected in the first quarter of 2020 calendar year.
It adds that following completion VFML will continue to operate under the Vodafone brand for a transitional period.
The Times of Malta notes that in the financial year ended March 31 Vodafone Malta had revenues of €82 million, €32 million EBITDA and €19 million operating free cash flow.
It also points out that in May 2017 Vodafone Malta and Melita announced they were going to merge. However, the merger was called off later in the year as the two companies were unable to meet the conditions stipulated by the MCA.
Monaco Telecom is the main provider of telecom services in the Principality of Monaco and internationally its interests include 100% ownership of EPIC, which was formerly known as MTN Cyprus and is the country’s second largest mobile operator.
