Vodafone Agrees to Merge Its Operations in Malta With Melita; Shares Fairly Valued
On May 24, Vodafone announced an agreement to merge its operations in Malta with Melita, the leading cable TV and broadband operator in the country. We are pleased to see Vodafone continue with its transformation to a converged operator, providing fixed-line and wireless telephony, broadband, and pay-television services. The deal values Vodafone’s operations at 6.8 times enterprise value to 2016 EBITDA and Melita’s at 8.9 times. Since we believe cable TV operators should generally trade at a pre...
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