New Street: Vodafone (Buy, 190p, +58%) Quick Take: Our reaction to weekend press on in-market M&A
Like London buses, you wait for ages and then two come along at once. We have had two press reports this weekend of Vodafone’s attempts at in-market consolidation. In the UK, a report that they held discussions with Hutchison that are now no longer ongoing, while in Italy a report that they are in discussions with Iliad about a potential combination. We are supportive of Vodafone trying to do these deals and we set out our analysis on these deals in this note.Vodafone Group provides mobile and fixed telecommunication services including: access charges, voice and video calls, messaging, interconnect fees, fixed and mobile broadband and related services such as providing televisual and music content, connection fees and equipment sales. Co. provides a range of consumer products and services including mobile, fixed voice, broadband and television, financial as well as other services to operators outside its footprint. Co. also provides a range of enterprise products and services including total communications such as mobile, fixed and a suite of converged communications services, internet of things, cloud and hosting and carrier services.
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