Feb 10, 2022
Vodafone rejects €11bn Iliad offer for its Italian business
Vodafone has rejected a bid for its Italian business from French billionaire Xavier Niel's Iliad, as the European telecoms group comes under pressure from an activist pushing for a turnround. Iliad submitted an offer of more than €11bn for Vodafone's Italian business on Saturday, according to people familiar with the matter, representing about seven times earnings before interest, taxes, depreciation and amortisation. Niel's attempt to consolidate the crowded Italian market is a bold one, given that Iliad only entered the country in 2018 and remains the fourth-largest mobile player with about 8 per cent market share. Vodafone has a 28 per cent market share in mobile - on a par with leader Telecom Italia's TIM brand, according to the Italian telecoms regulator Agcom. Italy is Vodafone's third-biggest market in terms of revenue after Germany and the UK. Analysts at Barclays estimate that Vodafone's Italian business has an enterprise value of €6.9bn, or 5.2 times its expected ebitda in 2022 in comparison to the rejected offer of about seven times ebitda.
Related companies
Make a complaint about Vodafone by viewing their customer service contacts.
