Vodafone rejects the new proposal to merge its Italian activities presented by the iliad Group
Following the offer of 18 December 2023, the iliad Group presented the Vodafone Group with a further improved offer for the merger of iliad Italia and Vodafone Italia into a newly established company (“NewCo”).
The Vodafone Group rejected this new offer.
The key terms of the new offer were as follows:
– 50/50 merger through the establishment of NewCo held 50/50;
– Vodafone would have obtained 6.6 billion euros in cash and a shareholder loan of 2.0 billion euros (Enterprise Value equal to 10.45 billion euros);
– iliad would have obtained 0.4 billion euros in cash and a shareholder loan of 2.0 billion euros (Enterprise Value equal to 4.25 billion euros);
– None call option in favor of iliad.
The iliad Group believes that the offer presented was the best business combination possible to the benefit of the Italian market and telecommunications sector.
iliad Italia will therefore continue its strategy stand-alone building on its excellent track record:
– over 10.5 million mobile users since its launch in May 2018;
– leader market by net growth of users among the 5 main fixed network operators;
– more than 1.0 billion euros in revenues in 2023 with an OFCF at break-even levels.
The iliad Group will continue to strengthen its position in Italy and to pursue with determination the conquest of market shares in all segments.
CS
Vodafone’s response
Vodafone’s response: “Discussions with iliad have been interrupted, they continue with others”
[articolo aggiornato alle 11:03]
iliad, Vodafone rejects the merger proposal: it is the second no to the French