Vodafone and stc ("the Parties") have agreed a cash consideration of
The Parties have agreed the basis for a long-term Partner Market Agreement, which will include use of the Vodafone brand, preferential roaming arrangements, access to Vodafone's central procurement function, and a range of other services. This agreement will ensure that Vodafone Egypt will be able to continue to offer its business and consumer customers world-class services and innovations.
Vodafone will continue to have a significant presence in
The parties intend to enter into definitive agreements in relation to the transaction following completion of due diligence on Vodafone Egypt by stc. The transaction is expected to close by the end of
Additional financial information:
Contribution of Vodafone Egypt to
12 month period to
reported
EURm7
Adjustment to reflect
the impact of partner
market fees
EURm
Adjusted financials
EURm
Revenue
1,272
-
1,272
Adjusted EBITDA4
600
(35)
565
Capex
211
-
211
Adjusted OpFCF6
389
(35)
354
12 month period to
reported
EURm8
Adjustment to reflect
the impact of partner
market fees
EURm
Adjusted financials
EURm
Revenue
1,114
-
1,114
Adjusted EBITDA5
516
(36)
480
Capex
192
-
192
Adjusted OpFCF6
324
(36)
288
Notes:
The selling entities are
The Memorandum of Understanding is non-binding. There is no certainty that the parties will enter into definitive agreements or that the transaction will be completed
On a cash and debt free basis, converted from US$ to EUR at a rate of 0.9076 (as of 27.01.2020)
Adjusted EBITDA for the12 month period to
Adjusted EBITDA for the 12 month period to
Adjusted OpFCF defined as Adjusted EBITDA minus Capex
Converted from EGP to EUR at an average rate of 19.4 based on actual reported fx for the 12 month period to
Converted from EGP to EUR at an average rate of 20.6 based on actual reported fx for the 12 month period to
About Vodafone
About stc
stc was established in 1998 and is listed on the Tadawul. Its current market capitalization of
For further information:
Media Relations
Investor Relations
www.vodafone.com/media/contact
ir@vodafone.co.uk
Disclaimer
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
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 would be contrary to applicable law or regulation.
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T: +44 20 7920 3150 M: +44 7831 170 364
1 Cornhill,
www.tavistock.co.uk
.
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