Vodafone Malta acquired by Monaco Telecom

MALTA Telecom / Operators EV €300–700M

Context

Vodafone Group Plc has completed the sale of its entire 100% stake in Vodafone Malta to Monaco Telecom SAM. The strategic rationale for the divestment is part of Vodafone's broader group strategy to simplify its portfolio and optimize its asset base to focus on larger regional markets and reduce debt. For Monaco Telecom, the acquisition represents a significant expansion of its Mediterranean footprint, adding a market leader with a strong spectrum portfolio and a high-quality customer base. The deal allows Monaco Telecom to apply its operational model to a new jurisdiction while initially operating under the Vodafone brand during a transitional period. This transaction underscores the ongoing consolidation in the European telecom sector, where smaller, agile operators like Monaco Telecom seek to acquire mature assets from larger global groups looking to reallocate capital.

Vodafone Malta, which reported an EBITDA margin of [members only] in 2019, is valued in this transaction at an EV/EBITDA multiple of 5x–12x, representing a discount to the average observed in the TMT (Tech, Media, Telecom) sector (13.5x in 2020).

-> Deep-dive in TMT (Tech, Media, Telecom) market trends

Target

Vodafone Malta is the leading mobile telecommunications provider in the Maltese market. The company’s business model is centered on providing high-speed mobile connectivity, data services, and fixed-line solutions to both retail and corporate customers across the island. Its value proposition is built on maintaining the most advanced 4G/LTE network infrastructure in Malta and offering a diverse range of mobile financial and digital transformation services. Strategically, the firm has focused on convergence and the Internet of Things (IoT) to drive customer loyalty in a highly competitive European market. Following the acquisition, the company continues to leverage its extensive local network footprint and spectrum holdings to serve a significant portion of the Maltese population, eventually rebranding as "Epic" to align with its new ownership structure.

Ent. Value

€300–700M

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

5x–12x

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2019

2018

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03/2019	APAX PARTNERS / WARBURG PINCUS	INMARSAT	UNITED KINGDOM	Operators
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09/2018	LATOUR CAPITAL / BPIFRANCE / BNP PARIBAS DEVELOPPEMENT	SOGETREL	FRANCE	Infrastructures
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REFERENCES

Valuation range: EV €300–700M

Revenue range: €50–100M

EBITDA range: €25–50M

EV/Revenue range: 2x - 6x

EV/EBITDA range: 5x - 12x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Vodafone Malta by Monaco Telecom are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Acquirer: monaco telecom

FAQ

What transaction does this page cover?

This page covers Monaco Telecom’s acquisition of 100% of Vodafone Malta, a Maltese company specialised in Operators, in 2020.

How was the acquisition of Vodafone Malta by Monaco Telecom valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €300–700M band, its EV/EBITDA multiple within the 5x - 12x range, and its EV/revenue multiple within the 2x - 6x range. Exact figures are available to members.

What were Vodafone Malta’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Vodafone Malta generated annual revenue estimated in the €50–100M range and EBITDA in the €25–50M bracket (FY 2019). Detailed financial figures are available to members.

How does the valuation of Vodafone Malta compare to benchmarks in the TMT (Tech, Media, Telecom) sector?

The estimated multiple of 5x - 12x sits below the sector median of 13.5x recorded in 2020, indicating an attractive entry multiple for Monaco Telecom or reflecting specific complexities. The descriptive comparison is based on 15 transactions with available EV/EBITDA multiples from differences in size, growth, profitability that may affect comparability.

What sources support the information on this transaction?

Data on this transaction was compiled from the official corporate announcement published by the parties, combined with independent reporting from specialized financial and M&A publications.

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