Vodafone Portugal - Comunicações Pessoais, S.A. agreed to acquire Nowo Communications, S.A. from MásMóvil Ibercom, S.A. for ?150 million on September 30, 2022. The agreement, was signed with Llorca JVCO, a shareholder of Másmóvil Ibercom and will see Vodafone acquire Cabonitel, the owner of Nowo. The transaction is subject to the approval of the competition authorities. The transaction is expected to be closed in the first half of 2023. As of April 5, 2023, The Portuguese Competition Authority (AdC) has started in-depth investigation regarding this merger. As of April 7, 2023, Vodafone Portugal rejects antitrust concerns over Nowo acquisition. As of May 15, 2023, Vodafone Portugal CEO Luís Lopes has promised that the operator will duly address the concerns of the Competition Authority (AdC) over its bid to buy competitor Nowo. As of May 17, 2023, the transaction is expected to be closed in the second half of 2023. Morgan Stanley (NYSE:MS) acted as financial advisor to Vodafone Portugal - Comunicações Pessoais, S.A.

Vodafone Portugal - Comunicações Pessoais, S.A. completed the acquisition of Nowo Communications, S.A. from MásMóvil Ibercom, S.A. for ?150 million on September 30, 2023 which is an Estimated Completion Date.