VODPF VODAFONE GROUP PUBLIC LTD CO
Price Chart
Executive Summary
Vodafone announced a £4.3 billion ($4.9 billion) buyout of CK Hutchison's 49% stake in the VodafoneThree joint venture, taking full ownership of the UK's largest mobile operator. The deal, expected to close in H2 2026, implies a £13.85 billion enterprise value and is funded from existing cash, increasing net debt/EBITDAaL by 0.4x. Management expects £700 million in annual cost and capex synergies by FY30, but the transaction adds leverage and the full financial benefit is years away.
Actionable Insight
The buyout consolidates full ownership of the UK's largest mobile operator and captures synergies, but the £4.3 billion cash outlay increases leverage (0.4x net debt/EBITDAaL). Watch for regulatory approval timeline (NSIA) and the investor briefing later this year for detailed growth targets. The deal is a positive strategic step but near-term leverage and execution risk temper the upside.
Key Facts
- Vodafone to buy CK Hutchison's 49% stake in VodafoneThree for £4.3 billion ($4.9 billion) via share cancellation
- Transaction implies VodafoneThree enterprise value of £13.85 billion and equity value of £8.78 billion
- VodafoneThree net debt as of 31 March 2026 was £5.08 billion
- Expected to increase Vodafone Group pro forma net debt to Adjusted EBITDAaL by 0.4x
- Management expects £700 million in annual cost and capex synergies by FY30
- Consensus EBITDAaL for VodafoneThree for the 12 months to 31 March 2027 is £1.81 billion
- Completion subject to UK National Security and Investment Act approval, expected H2 2026
- VodafoneThree is already fully consolidated in Vodafone Group's accounts
Financial Impact
£4.3 billion ($4.9 billion) cash buyout of 49% stake; VodafoneThree enterprise value £13.85 billion; net debt £5.08 billion; £700 million annual synergies targeted by FY30
Risk Factors
- Regulatory delay or denial under UK National Security and Investment Act
- Integration execution risk and synergy realization below £700 million target
- Increased leverage from cash-funded buyout may pressure credit metrics or dividend capacity
- No immediate financial benefit — synergies not expected until FY30
Market Snapshot
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-205077 |
| Document: 0001193125-26-205077-index-headers.html | 0001193125-26-205077 |
| Document: 0001193125-26-205077-index.html | 0001193125-26-205077 |
| Document: 0001193125-26-205077.txt | 0001193125-26-205077 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 5, 2026
4d ago
|
6-K
| $1.38 awaiting T+5 | awaiting T+5 | — | $1.39 (+0.72%) |
|
Jun 1, 2026
8d ago
|
6-K
| $1.62 $1.39 | ▼ −14.20% | ▼ −11.45% | $1.39 (−14.20%) |
|
May 15, 2026
25d ago
|
6-K
| $1.65 $1.55 | ▼ −6.06% | ▼ −7.02% | $1.39 (−15.76%) |
|
May 12, 2026
28d ago
|
6-K
| $1.66 $1.65 | ▼ −0.60% | ▼ −0.68% | $1.39 (−16.27%) |
|
May 12, 2026
28d ago
|
6-K
| $1.66 $1.65 | ▼ −0.60% | ▼ −0.68% | $1.39 (−16.27%) |
|
May 5, 2026
5w ago
|
6-K
| $1.68 $1.66 | ▼ −1.19% | ▼ −3.17% | $1.39 (−17.26%) |
|
Apr 1, 2026
9w ago
|
6-K
| $1.48 $1.46 | ▼ −1.35% | ▼ −5.12% | $1.39 (−6.08%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access