UK-based Vodafone Group has signed an agreement to sell its operation in Malta to Monaco Telecom. The latter has agreed to acquire Vodafone Malta for a cash consideration equivalent to an enterprise value of EUR250 million (USD278 million). Following completion, Vodafone Malta will continue to operate under the Vodafone brand for a transitional period. The transaction is conditional on regulatory approval from the Malta Communications Authority (MCA), with completion expected in the first quarter of 2020.
According to TeleGeography’s GlobalComms Database, Vodafone Malta had 258,000 cellular subscribers and 40% of the overall mobile market in market at the end of September 2019. It competes with full-service providers GO and Melita.
TeleGeography notes that Monaco Telecom previously completed the acquisition of MTN Cyprus (since renamed ‘Epic’) in September 2018, becoming the sole shareholder of the business. Monaco Telecom is 52%-owned by NJJ Capital, an investment firm controlled by French tycoon Xavier Niel. NJJ also controls Salt in Switzerland and eir in Ireland, while Niel holds controlling stakes in Iliad in France and Italy.