Vodafone Group Plc (“Vodafone”) has completed the sale of 100% of Vodafone New Zealand Limited (“VFNZ”) to a consortium comprising Infratil Limited and Brookfield Asset Management Inc. for a cash consideration equivalent to an Enterprise Value of NZ$3.4bn (€2.1bn¹ ), implying an FY’19 multiple of 7.3x Adjusted EBITDA² and 16.2x Adjusted OpFCF³ .⁴

Vodafone and VFNZ have now entered into a Partner Market agreement, which includes use of the Vodafone brand, preferential roaming arrangements, access to Vodafone’s global IoT platform and central procurement function, and a range of services for the business and consumer markets.

Proceeds from the sale will be used to reduce Vodafone’s net debt.

Nick Read, CEO, Vodafone Group, said: “This transaction is a continuation of our strategy to optimise our portfolio and reduce our debt. I am pleased we will continue our 21-year relationship with the business and talented team in New Zealand through a Partner Market agreement, delivering Vodafone’s technology and services to benefit the country as it transitions to a digital society.”

¹ Converted from NZ$ to € at a rate of 1.6464 (as of 31-Mar-19)

² Net of pro-forma Vodafone Partner Market Agreement service fees

³ Adjusted OpFCF defined as Adjusted EBITDA minus capex

⁴ The selling entity is Vodafone Europe B.V., a 100% owned indirect subsidiary of Vodafone Group Plc