Vodafone Group has announced the sale of Vodafone Malta to a telecoms operator Monaco Telecom.
The British telecommunications conglomerate, which has mobile operations in 24 countries, has agreed to sell the Malta subsidiary of the business form a sum of €250m.
The group reports that Vodafone Malta generated €82m of revenue, €32m of EBITDA and €19m of operating free cash flow for the financial year ended 31 March 2019.
Following completion, Vodafone Malta will continue to operate under the Vodafone brand for a transitional period.
Buyer Monaco Telecom is the incumbent telecoms operator in the Principality of Monaco, and offers TV and phone services. It recorded revenues of €278m last year.
The transaction is conditional on regulatory approval from the Malta Communications Authority.
Vodafone said the completion is expected in the first quarter of 2020.
In October Vodafone set up opened its innovation hub, ‘The Speechmark’ in London following a £6.5m refurbishment which now houses a 1000-strong consumer, digital, and tech workforce.