- Liberty Global Plc (NASDAQ:LBTYA) acquired 1.335 billion shares in Vodafone Group Plc (NASDAQ: VOD), representing a 4.92% stake via nonrecourse financing, requiring equity funding from Liberty Global of £225 million.
- Vodafone announced the stake acquisition on Monday.
- Mike Fries, CEO of Liberty Global, commented, "We believe, like many others, that Vodafone's current share price does not reflect the underlying long-term value of their operating businesses or their announced consolidation and infrastructure opportunities."
- Vodafone CEO Nick Read stepped down at the end of 2022 following a year when the telecommunications company's share price sank.
- Read failed to halt a years-long slide in the telecommunication giant's share price, and mergers with major rivals did not materialize.
- CFO Margherita Della Valle became interim CEO in addition to her current role.
- Vodafone reported first-half FY23 revenue growth of 2% year-on-year to €22.93 billion, driven by service revenue growth and higher equipment sales.
- A decline in Germany and Italy impacted group service revenue trends, and Spain, offset by an acceleration in the U.K. and continued good growth in Other Europe and Africa.
- Liberty Global held $4 billion in cash and equivalents as of September 30.
- Price Action: VOD shares traded higher by 2.48% at $11.97 premarket on the last check Tuesday.
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