Vodafone Group Plc ("Vodafone") announces today that it has entered into an agreement to acquire from Intracom S.A ("Intracom") 51,250,000 shares in Vodafone-Panafon Hellenic Telecommunications Company S.A. ("Panafon"). The shares to be acquired represent 9.433% of the outstanding shares of Panafon. The consideration will be 6.18 per share in cash, representing a total consideration of 316.725 million and will be satisfied from existing cash resources.
As a result of this transaction, Vodafone's effective shareholding in Panafon will increase from 65.362% to 74.795%. The transaction will be executed as a block trade in accordance with the rules and regulations of the Athens Exchange. Panafon and Intracom expect to continue their cooperation in the Greek market.
This transaction is consistent with Vodafone™s stated strategy of selectively increasing its stakes in existing operations, where opportunities arise for the creation of enhanced shareholder value.
For further information:
Vodafone Group
Tim Brown, Group Corporate Affairs Director
Tel: +44 (0) 1635 673310
Investor Relations
Melissa Stimpson
Darren Jones
Tel: +44 (0) 1635 673310
Media Relations
Bobby Leach
Ben Padovan
Tel: +44 (0) 1635 673310
