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Vodafone names Spain price, rejects Italy bid

February 11, 2022

From David Del Valle in Madrid

Vodafone has priced the sale of its Spanish subsidiary Vodafone Spain at €7 billion, according to El Independiente.

Vodafone is weighing both a sale and a joint-venture with the creation of a new company on a 50/50 basis. Back in 2020 the company explored this latter possibility with MásMóvil but its plan failed as the valuation stuck at €6 billion.

Barclays’ analysts, cited by El Independiente, point out that Vodafone Spain’s value would be at €5-7 billion whereas MásMóvil’s one would be €6-€8.6 billion after the merger with Euskaltel.

Meanwhile, Vodafone Italia rejected a €16 billionn bid from France’s Illiad. Vodafone said: “The board and management of Vodafone remain focused on delivering shareholder value through a combination of its organic growth strategy over the medium-term and ongoing portfolio optimisation.”

The country’s largest telco, TIM, is currently assessing a €10.8 billion takeover approach from US investment firm KKR.

Telefónica also continues to mull the future of Movistar Plus.


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