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 LOGIN in 2019, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN discount to the average currently observed in the TMT (Tech, Media, Telecom) sector (12.8x).

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