Monaco Telecom SAM will acquire Vodafone Malta for the sum of €250 million, Vodafone Group plc announced on Thursday.

Monaco Telecom agreed to acquire Vodafone Malta for a cash consideration equivalent to an enterprise value of €250 million.

Following the completion of the sale, Vodafone Malta will continue to operate under the Vodafone brand for a transitional period.

The transaction is pending regulatory approval from the Malta Communications Authority, with completion expected in the first quarter of 2020.

Monaco Telecom is the incumbent telecoms operator in the Principality of Monaco, offering a comprehensive range of fixed, TV and mobile services. Proforma for its acquisition of MTN Cyprus, the company recorded revenues of €278 million in the year to 31 December 2018. The shareholders of Monaco Telecom are the Principality of Monaco and NJJ Telecoms. NJJ Telecoms has interests in telecoms operators in Europe in Cyprus, Ireland, Monaco and Switzerland.

For the financial year ended 31 March 2019, Vodafone Malta generated €82 million of revenue, €32 million of earnings before interest, tax, depreciation and amortization (EBITDA) and €19 million of Operating Free Cash Flow (OpFCF).

Vodafone Group has mobile operations in 24 countries, partners with mobile networks in 41 more, and fixed broadband operations in 19 markets. As of 30 September 2019, Vodafone Group had approximately 625 million mobile customers, 27 million fixed broadband customers and 22 million TV customers, including all of the customers in Vodafone’s joint ventures and associates.