India, May 5 -- Vodafone Group Plc (VOD,VOD.L,VODE.DE), a telecommunications company, on Tuesday announced an agreement to acquire the stake of CK Hutchison Group Telecom Holding Ltd. in VodafoneThree.
The acquisition will be executed for 4.3 billion pounds via a share cancellation.
The transaction will result in Vodafone taking full ownership of the joint venture.
The transaction values VodafoneThree at an implied enterprise value of 13.85 billion pounds. Vodafone will fund the transaction through existing cash resources, and expects the deal to increase its pro forma net debt to Adjusted EBITDAaL by 0.4x.
Vodafone currently owns 51% of VodafoneThree, while CKHGT holds the remaining 49%.
The deal is expected to close in the second hal...