Vodafone Group Public Limited Company · LSE:VOD
Vodafone Group Public — Vodafone Group — Merger or Acquisition (November 2022)
10 slides from Vodafone Group Public's merger presentation, Nov 9, 2022
Slide 1: Co-Control Partnership for Vantage Towers with GIP & KKR
Co-Control Partnership for Vantage Towers with GIP & KKR 9 November 2022 1 C2 General
Slide 2: Highlights: Delivering on our strategy
Highlights highlights ⫶ Delivering on our strategy Transaction 1 Co-control partnership with GIP & KKR 2 Attractive transaction terms at €32 per share and 26x EBITDAaL 3 Deconsolidation + monetisation with €3.2 – 7.1bn1 net cash proceeds 4 Completion expected in first half of 2023 1. Transaction eff
Slide 3: Co-control partnership: Delivering on our passive infrastructure strategy
1. Co-control partnership ⫶ Delivering on our passive infrastructure strategy • Vodafone to partner with GIP & KKR (the “Consortium”); long-term investors with significant expertise in digital infrastructure Transaction • Creation of a Joint Venture (“JV”) with the Consortium, which will hold Vodafo
Slide 4: Co-control partnership: World class digital infrastructure expertise
1. Co-control partnership ⫶ World class digital infrastructure expertise About the Consortium The consortium of GIP and KKR brings together two of the largest and most sophisticated infrastructure investors globally. Both firms have long term investment horizons, flexible yet patient capital and a s
Slide 5: Co-control partnership: Creating strong foundations for future success
1. Co-control partnership ⫶ Creating strong foundations for future success • Creation of a JV with the Consortium, which will hold Vodafone’s existing 81.7% stake in Vantage Towers Consortium • Attractive valuation of €32.00 per share, a premium of 33% to Vantage Towers’ Proceeds: IPO price, 19% to
Slide 6: Attractive transaction terms: Premium valuation achieved + strategic upside
2. Attractive transaction terms ⫶ Premium valuation achieved + strategic upside Offer price implies 26x EV / FY22 Adj. EBITDAaL • Vodafone and Consortium to have balanced governance rights in the JV, with equal voting rights Co-control • Current management team to continue to lead Vantage 33% 19% To
Slide 7: Deconsolidation + monetisation: Cash proceeds of €3.2 – 7.1 billion
3. Deconsolidation + monetisation ⫶ Cash proceeds of €3.2 – 7.1 billion Vodafone proceeds at illustrative VTO take-up levels1 (€bn unless otherwise stated) Minority take up (%) 0% 100% • As a result of the transaction, Vodafone will deconsolidate Vantage Towers3 Acquisition of minorities - (3.0) Add
Slide 8: Completion expected in first half of 2023: Key next steps
4. Completion expected in first half of 2023 ⫶ Key next steps • Section 10 announcement Today • Firm intention to implement a DPLTA1 if JV shareholding below 95% at Vantage Towers or otherwise initiate a squeeze- out if above 95% Early to mid December • Expected publication of offer document and exp
Slide 9: Importance notice
Importance notice IMPORTANT - Please read the following carefully: The following applies to this presentation, which has been prepared by Vodafone Group Plc (the “Company” and together with its subsidiaries, the "Group") solely for the purpose of providing certain information in connection with the
Slide 10: Investor Relations and upcoming events
Group investors.vodafone.com Upcoming events Investor Relations ir@vodafone.co.uk 1 Kingdom Street, London, W2 6BY 15 Nov H1 FY23 results 2022 Matthew Johnson Director matthew.johnson@vodafone.com Group IR Feb Q3 FY23 trading update Daniel Morris 2023 Deputy Director daniel.morris@vodafone.com Group
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