Vodafone Group reached an agreement to sell Vodafone Malta for €250 million to Monaco Telecom.
In a statement, Vodafone announced it intends to sell its entire stake in the Malta unit, which generated €82 million in revenue in Vodafone’s 2019 fiscal year ending 31 March.
The deal is expected to be completed in Q1 2020, subject to regulatory approval by the Malta Communications Authority. The unit will continue to operate under the Vodafone brand for a transitional period after the sale is completed.
Monaco Telecom is owned by the Principality of Monaco and investment company NJJ Telecoms, which was founded by Iliad owner Xavier Niel. The operator recorded revenues of €278 million in 2018.
The intended exit from Malta follow woes in Vodafone’s India joint venture Vodafone Idea. Chairman Kumar Mangalam Birla warned the Indian operator would shut down if it doesn’t get government relief from large fees levied by a court relating to spectrum and usage charges.
Vodafone operates mobile businesses in 24 countries and partners with other operators in 41 more. As of 30 September, the operator group had 625 mobile connections, 27 million fixed broadband customers and 22 million TV customers.