Monaco Telecom SAM will acquire Vodafone Malta for the sum of €250 million, Vodafone Group said on Thursday, December 19.

Monaco Telecom agreed to acquire Vodafone Malta for a cash consideration equivalent to an enterprise value of €250 million, the Malta Independent reported.

Following the completion of the sale, Vodafone Malta will continue to operate under the Vodafone brand for a transitional period.

For the financial year ended 31 March 2019, Vodafone Malta generated €82 million of revenue, €32 million of earnings before interest, tax, depreciation and amortisation (EBITDA) and €19 million of Operating Free Cash Flow (OpFCF).

The transaction is pending regulatory approval from the Malta Communications Authority, with completion expected in the first quarter of 2020.

Monaco Telecom is the incumbent telecoms operator in the Principality of Monaco, offering a comprehensive range of fixed, TV and mobile services. Proforma for its acquisition of MTN Cyprus, the company recorded revenues of €278 million in the year to 31 December 2018. The shareholders of Monaco Telecom are the Principality of Monaco and French billionaire Xavier Niel. His NJJ Telecoms has interests in telecoms operators in Europe in Cyprus, Ireland, Monaco and Switzerland.

PHOTO: Malta