Vodafone Group plc has announced it has entered into an agreement to sell Vodafone Malta to Monaco Telecom in a deal worth €250 million.

Following completion, Vodafone Malta will continue to operate under the Vodafone brand for a transitional period, the company said.

The transaction is conditional on regulatory approval from the Malta  Communications Authority with completion expected in early 2020.

In a statement, Vodafone said that Monaco Telecom had agreed on the acquisition "for a cash consideration equivalent to an enterprise value of €250 million."

Later on Thursday, the company emailed its business clients to assure them it would "not have any impact" on current agreements, products and services.

Monoco Telecoms is the main telecommunications operator in the Principality of Monaco, which is located in southern France. 

The shareholders of Monaco Telecom are the Principality of Monaco and NJJ Telecoms, which also has interests in telecoms operators in Cyprus, Ireland, and Switzerland.

The Vodafone Group has mobile operations in 24 countries, partners with mobile networks in 41 more, and fixed broadband operations in 19 markets.

As of September 30, Vodafone Group had approximately 625 million mobile customers, 27 million fixed broadband customers and 22 million television customers, including all of the customers in Vodafone’s joint ventures and associates.

For the financial year ended March 31, Vodafone Malta generated €82 million, €32 million of Earnings before interest, tax, depreciation and amortisation and €19 million of operating free cash flow.

In May 2017, Melita and Vodafone had announced they were going to merge into one combined company, but the merger was called off later in the year as the companies had been unable to meet the conditions stipulated by the competition authority.

 

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