Vodafone the second largest ( behind China Mobile) mobile telecoms company in the world. I have a holding in my income portfolio (epic code: VOD).
Vodafone have agreed to acquire Ono for a total
consideration equivalent to €7.2bn (£6.0bn) on a debt and cash free
basis.
Ono is the leading next-generation
network operator in Spain with 7.2m homes released to marketing
(equivalent to 41% of total homes in Spain), providing its customers with
broadband speeds in excess of 200 Mbps and the country's most innovative pay-TV
service through TiVo.
The Transaction values Ono
at a multiple of 7.5x 2013 EBITDA and 10.4x 2013 FCF adjusted for cost and
capex synergies. The Transaction is expected to be accretive to Vodafone's adjusted EPS and FCF per share
after cost and capex and before integration costs from the first full year post
completion.
This follows on closely from the Kabel Deutschland acquisition for €10.7bn (13.8x FCF) and £1.9bn for Indian spectrum licenses.
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