Analysts Offer Premium Valuation To Vodafone-Three UK Merger, Subject To Regulatory Approval
Analysts Offer Premium Valuation To Vodafone-Three UK Merger, Subject To Regulatory Approval
分析師對沃達豐與三家英國公司的合併提出溢價估值，有待監管部門批准
- Vodafone Group Plc (NASDAQ:VOD) and CK Hutchison Holdings Ltd's (OTC:CKHUF) potential U.K. merger would create a wireless giant worth about €16.5 billion (£14.3 billion), analysts said.
- The deal would involve combining Vodafone UK and Three UK, with Vodafone holding 51% and CK Hutchison owning 49% of the new unit likely to bring in more mobile revenue than its main rivals.
- Vodafone U.K. carries an enterprise value of €9.8 billion, and Three U.K. is worth €4.4 billion, while bringing them together would yield some £2 billion ($2.3 billion) in synergies, Bloomberg reports citing New Street Research analysts.
- Also Read: Private Equity Firms Are Flocking To Vodafone's Tower Unit, Valued In The Billions
- Analysts at Oddo BHF SCA put the joint enterprise value at £14.5 billion, the report added.
- But Oddo set the deal's chances of success at just 55%, given strict regulatory scrutiny. The units could divest tower stakes or spectrum as potential remedies.
- New Street said a deal could take more than a year to complete, but it had a "far better" chance of being approved.
- New Street said the main benefit would be combining the two networks of radio antennas. However, this could take a while because long-term contracts with tower companies and other operators bound the companies.
- The U.K. Government rightly sees 5G as transformational for the economy and society and critical to the country becoming more competitive in an increasingly digital world.
- Price Action: VOD shares traded higher by 2.02% at $12.10 in the premarket on the last check Tuesday.
- 沃達豐集團(納斯達克：點播)和長和控股有限公司(場外交易代碼：CKHUF)分析師稱，英國潛在的合併將締造一個價值約165億歐元(143億GB)的無線巨頭。
- 這筆交易將涉及沃達豐英國和Three UK的合併，沃達豐持有新部門51%的股份，長和擁有49%的股份，這可能會帶來比主要競爭對手更多的移動收入。
- 彭博社援引沃達豐英國公司的企業價值為98億歐元，三家英國公司的企業價值為44億歐元，而這兩家公司合併後將產生約20億英鎊(約合23億美元)的協同效應新街研究分析家。
- 另請閲讀： 私募股權公司正蜂擁至沃達豐價值數十億美元的Tower部門
- 分析師在奇數壓邊力SCA報告補充説，合資企業的價值為145億英鎊。
- 但考慮到嚴格的監管審查，Oddo認為這筆交易的成功機率僅為55%。這些部門可能會剝離塔樓股權或頻譜，作為潛在的補救措施。
- New Street表示，交易可能需要一年多的時間才能完成，但獲得批准的可能性要大得多。
- New Street表示，主要的好處將是將兩個無線電天線網絡結合起來。然而，這可能需要一段時間，因為與塔樓公司和其他運營商的長期合同約束了這些公司。
- 英國政府正確地認為5G對經濟和社會具有變革性，對於英國在日益數字化的世界中變得更具競爭力至關重要。
- 價格行動：在週二的最後一次檢查中，VOD股價在盤前交易中上漲2.02%，至12.10美元。
譯文內容由第三人軟體翻譯。
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