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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Vodafone Group Plc    VOD   GB00BH4HKS39

VODAFONE GROUP PLC

(VOD)
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Delayed Quote. Delayed London Stock Exchange - 05/22 11:35:11 am
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Vodafone : European commission clears merger of Vodafone Italy towers and Inwit

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03/06/2020 | 05:09pm EDT

The European Commission has today cleared the combination of Vodafone Italy's towers with INWIT's passive network infrastructure (the 'Combination'), creating Europe's second largest listed tower company with over 22,000 towers.

Following constructive talks with the European Commission, Vodafone and TIM have offered commitments to support access to INWIT's passive infrastructure by all market participants. Under the commitments, INWIT will make space available to third parties on 4,000 of its towers in more urbanised areas while committing to preserving existing tenancies. The commitments ensure that INWIT can maximise tower utilisation while preserving the ability of Vodafone and TIM to efficiently roll out their respective 5G networks.

The European Commission has confirmed that it is supportive of Vodafone and TIM's plans to share active network equipment outside of major cities, allowing a faster deployment of 5G over a wider geographic area, at a lower cost, and with a lower environmental impact. The active sharing partnership will exclude municipalities with populations of over 100,000 inhabitants, as well as their more densely populated suburbs.

As a result of the Combination - which was approved with 99.9% of the votes by INWIT minority shareholders in favour, and that is expected to take place by the end of March - Vodafone will receive proceeds of €2,140 million, as announced in July 2019, and both Vodafone and TIM will each hold a 37.5% shareholding in INWIT. INWIT will then pay a special dividend of €0.5936 to holders of the company's post-merger ordinary shares, as already approved by INWIT's shareholders on 19 December 2019. Assuming the Combination completes by the May 19th record date, the ordinary dividend for 2019 (to be approved by INWIT's shareholders on 6 April of this year) will be €0.132 per share.

Disclaimer

Vodafone Group plc published this content on 06 March 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 March 2020 22:08:03 UTC

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Financials (EUR)
Sales 2020 44 743 M
EBIT 2020 4 689 M
Net income 2020 -1 043 M
Debt 2020 44 749 M
Yield 2020 6,28%
P/E ratio 2020 -37,0x
P/E ratio 2021 18,8x
EV / Sales2020 1,87x
EV / Sales2021 1,82x
Capitalization 38 829 M
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Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 1,92 €
Last Close Price 1,45 €
Spread / Highest target 73,1%
Spread / Average Target 32,7%
Spread / Lowest Target -47,4%
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NameTitle
Nicholas Jonathan Read Group Chief Executive Officer & Executive Director
Gerard Johannes Kleisterlee Chairman
Margherita Della Valle Group Chief Financial Officer & Director
Johan Wibergh Group Chief Technology Officer
Renée Jo James Independent Non-Executive Director
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