Vodafone has completed the sale of its Italian operations to Swisscom AG for €8.0 billion in cash. The transaction values Vodafone Italy at 7.6x consensus Adjusted EBITDAaL and approximately 26x OpFCF for FY24, marking the highest OpFCF multiple of any Vodafone market transaction in the past decade.Under the agreement, Vodafone will continue providing certain services to Vodafone Italy for up to five years post-completion, with an estimated annual charge of €350 million for the first year. The sale proceeds will be used to reduce Vodafone Group's net debt, with plans to return up to €2.0 billion to shareholders following the completion of the current buyback program.

Vodafone has completed the sale of its Italian operations to Swisscom AG for €8.0 billion in cash. The transaction values Vodafone Italy at 7.6x consensus Adjusted EBITDAaL and approximately 26x OpFCF for FY24, marking the highest OpFCF multiple of any Vodafone market transaction in the past decade.Under the agreement, Vodafone will continue providing certain services to Vodafone Italy for up to five years post-completion, with an estimated annual charge of €350 million for the first year. The sale proceeds will be used to reduce Vodafone Group's net debt, with plans to return up to €2.0 billion to shareholders following the completion of the current buyback program.