Vodafone Malta (VFML) will be sold to Monaco Telecom SAM after the latter entered into an agreement with Vodafone Group plc, the company announced on Thursday.
Monaco Telecom reportedly agreed to acquire VFML for a cash consideration equivalent to the value of €250m.
After the sale goes through, VFML will continue to operate under the Vodafone brand for a ‘transitional’ period, the Times of Malta reports.
The Malta Communications Authority must first approve the transaction, a process which is expected to last until the first quarter of 2020.
Vodafone Group plc has mobile operations in a total of 24 countries, it has partnered up with mobile networks in 41 more countries and has fixed broadband operations in 19 markets.
As at 30th September, the Group had roughly 625 million mobile customers, 27 million fixed broadband customers and 22 million television customers, which includes customers in Vodafone’s joint ventures and partnerships.
In May 2017, Melita and Vodafone Malta had announced they were to merge. This was later cancelled after the two companies failed to meet the conditions laid out by the competition authority.