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  • Home
  • News
    The consequences of the merger of Credit Suisse and UBS

    The consequences of the merger of Credit Suisse and UBS

    Why Pfizer buys Seagen, the second largest acquisition in its history

    Why Pfizer buys Seagen, the second largest acquisition in its history

    How much will the fight with Kanye West cost Adidas?

    How much will the fight with Kanye West cost Adidas?

    TD Cowen: SVB’s fall does not threaten the stability of the banking system

    TD Cowen: SVB’s fall does not threaten the stability of the banking system

    Public investment in Ireland will be only for sustainable businesses

    Public investment in Ireland will be only for sustainable businesses

    Jerome Powell warns Fed could raise rates further

    Jerome Powell warns Fed could raise rates further

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    JPMorgan: “zero-day” options contracts would sink SPX

    Used cars prices rise unusually in the U.S

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    Chinese mobile manufacturers want to go after Apple and Samsung

    Chinese mobile manufacturers want to go after Apple and Samsung

  • Markets

    Why the U.S. banks’ cash crisis is the Fed’s fault

    Pontegadea continues to buy real estate: now the target is London

    Pontegadea continues to buy real estate: now the target is London

    BMW adds to profits thanks to Rolls Royce and Mini

    BMW adds to profits thanks to Rolls Royce and Mini

    Puma achieves record sales in last year with Gulden as CEO

    Puma achieves record sales in last year with Gulden as CEO

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    Walmart unstoppable: sells U$S 611 billion in 2022

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    Experts: recession to come at the end of rate hike cycle

    Is it time to bet on tech stocks again?

    Is it time to bet on tech stocks again?

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    Is it better to invest in Stellantis or in Ford and GM?

  • Investing
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    Home Depot announces dividend increase

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INVESTOR TIMES
Home News
ACTUALIZADO: February 27, 2023

Virgin Media O2 owner buys Vodafone stake

U.S.-based Virgin Media O2 is the latest investor to bet on changes to Vodafone's business.

Pablo Petovel by Pablo Petovel
3/1/2023 - 9:21
in News
Reading Time: 2 mins read
Share on FacebookShare on TwitterShare on LinkedIn
  • The telecommunications market in the United Kingdom will change its structure after the company that owns Virgin Media-O2 finalizes the purchase of Vodafone.
  • Vodafone has already launched a proposed combination with Three UK, and talks are currently underway.
  • Vodafone is not doing well; in the last 12 months, the company’s share price has fallen 29%. Inflation is rising and, with it, costs.

The UK mobile market could undergo a major shake-up after Virgin Media owner O2 bought Vodafone and said the sector was ripe for further consolidation.

Vodafone has already launched a proposed merger with Three UK, talks on which are ongoing.

Liberty Global, which owns telecommunications businesses across Europe, acquired a 4.92 percent stake in Vodafone.

The stake Vodafone disclosed is worth around £1.2 billion. The investment sent the company’s share price up 3.5 percent in the hours following the announcement.

Liberty Global chief executive Mike Fries said Vodafone was “good value” despite recent difficulties. “We believe, like many others, that Vodafone’s current share price does not reflect the underlying long-term value of its operating business, or its announced consolidation and infrastructure opportunities,” he said.

Vodafone

Vodafone and Virgin Media O2 deal

Over the past year, Vodafone’s share price has fallen 29 percent. Inflation is driving up costs while squeezing its customers.

In its half-year results, the company cut its full-year cash flow guidance by 4 percent, blaming rising energy costs.

It is also losing business in Germany, Italy and Spain, with organic revenue in all those countries falling year over year in the latest quarter.

These problems caused the previous CEO, Nick Read, to lose his job last year.

It also scared off activist investor Cevian, who lost patience after believing Vodafone was undervalued.

Cevian disposed of its remaining stake earlier this year, having built it through 2021.

The hope with Vodafone is that it will be able to shed some of its assets and consolidate in its most profitable markets. It has already sold its Hungarian business and formed a joint venture for its Vantage Towers business.

vodafone shares
Vodafone share price performance. Investing.

Liberty Global is betting on a return on investment

New CEO Margherita Della Valle said in early February that changes were already underway. “We have already taken steps, including simplifying our structure to give local markets full autonomy and responsibility to make the best business decisions for their customers,” she said.

The former CFO is also continuing with a €1 billion savings plan launched by Read.

U.S.-based Liberty Global “expects the capital used to fund this investment to be replenished by the sale of certain non-core assets over time.” It is not considering a full offer for the business, according to its statement.

Tags: Liberty GlobalVirgin MediaVodafone

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