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.