Íslandsbanki advises Vodafone on acquisition of 365


Vodafone (Fjarskipti hf.) and 365 signed an agreement on 14 March 2017 concerning the acquisition by Vodafone of all of 365’s assets and operations. The newspaper Fréttablaðið, however, is excluded from the transaction. Íslandsbanki’s Corporate Finance team is overseeing the acquisition and has advised Vodafone on the transaction. Discussions between the parties began in summer 2016 and have therefore been underway for nine months.

The purchased assets include 365’s telecom, television, and radio operations, plus the online news page Vísir. The main television stations are Channel 2, Channel 2 Sports, Channel 3, and the movie channel Bíórásin. The main radio stations are Bylgjan, FM957, and X-ið. The 365 newsroom, apart from the editorship and operations of Fréttablaðið, are part of the transaction.

The agreement is subject to the approval of the Competition Authority. If the deal is approved, Vodafone will acquire the country’s most powerful media and entertainment firm. Turnover in the merged company will total about ISK 22bn and will generate approximately ISK 5bn in EBITDA once the synergy effects have emerged in full. The result of the transaction will be the leading media and telecom company in Iceland, a company that will employ over 500 members of staff and offer a wide range of products and even better services to its customers.

Fjarskipti hf.’s notification to the Nasdaq Iceland exchange can be found here.

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