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Vodafone Sweden sold to Telenor
Posted: 31-Oct-2005 [Source: Vodafone]

[Vodafone to sell its 100% interest in Vodafone Sweden to pan-Nordic operator, Telenor. Sale to close by end of calendar year 2005 subject to EU regulatory approval.]

Vodafone today announces that it has agreed to sell its 100% interest in Vodafone Sweden to Telenor, the pan-Nordic telecommunications operator. Vodafone Sweden is being sold for an Enterprise Value of EUR 1,035 million (GBP 704 million), implying an Enterprise Value to EBITDA multiple of 11x for the financial year ending 31 March 2006. Net cash proceeds to Vodafone after assumption of net debt by Telenor will be approximately EUR 970 million (GBP 660 million).

Commenting on the transaction, Arun Sarin, Chief Executive of Vodafone, said: "We have a good business in Sweden, but the particular industry structure and regulatory environment means that it makes more sense for our customers, our employees and our shareholders for a pan-Nordic player like Telenor to own the company. I'm sure that Telenor will be able to serve our customers well, particularly in the corporate sector, given its presence across the Nordic region."

Vodafone and Telenor have agreed the terms of a Partner Network Agreement in Sweden, allowing Vodafone Sweden and Vodafone customers to continue to benefit from Vodafone's global brand, products and services in Sweden.

As a result of the transaction, Vodafone will record an impairment charge of approximately GBP 0.5 billion in its interim results for the six months ended 30 September 2005.

The sale is expected to close by the end of calendar year 2005, subject to EU regulatory approval.

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