TIDMVOD
RNS Number : 0093M
Vodafone Group Plc
25 April 2018
Merger of Bharti Infratel and Indus Towers: creating a listed
pan-India tower company
New Delhi/Mumbai, India and London, United Kingdom - April 25,
2018
Key highlights
-- The combination of Bharti Infratel and Indus Towers by way of
merger will create a pan-India tower company, with over 163,000
towers, operating across all 22 telecom service areas in India. The
combined company will be the largest tower company in the world
outside China[1].
-- The combined company, which will fully own the respective
businesses of Bharti Infratel and Indus Towers, will change its
name to Indus Towers Limited and will continue to be listed on the
Indian Stock Exchanges.
-- The combination of the two companies' highly complementary
footprints will create a tower operator with the ability to offer
the high quality shared passive infrastructure services needed to
support the pan-India expansion of wireless broadband services
using 4G/4G+/5G technologies for the benefit of Indian consumers
and businesses. The combined company will continue to offer high
quality passive infrastructure services to all telecom operators on
a non-discriminatory basis, thus helping to support the delivery of
the Government of India's vision of 'Digital India'.
-- The merger ratio (1,565 shares of Bharti Infratel for every 1
Indus Towers share, the "Merger Ratio") is within the range
recommended by the independent valuer. The transaction values Indus
Towers at an enterprise value of INR715bn (US$10.8bn) or 9.3x
EV/LTM EBITDA[2].
-- Idea Group has the option to either: (i) sell its 11.15%
shareholding in Indus Towers for cash based on a valuation formula
linked to the VWAP for Bharti Infratel's shares during the 60
trading days prior to completion of the merger[3], which, if
calculated at the time of this announcement, would equate to a cash
consideration of INR65bn (US$1.0bn)[4], or alternatively, (ii)
receive new shares in the combined company based on the Merger
Ratio. All the proceeds from the sale of the 11.15% stake will be
for the benefit of the entity resulting from the merger of Vodafone
India and Idea Group.
-- Providence has the option to elect to receive cash or shares
for 3.35% of its 4.85% shareholding in Indus Towers, with the
balance exchanged for shares.
-- Vodafone will be issued with 783.1m new shares in the
combined company, in exchange for its 42% shareholding in Indus
Towers. On the basis that (a) Providence decides to sell 3.35% of
its 4.85% shareholding in Indus Towers for cash, and (b) Idea Group
decides to sell its full 11.15% shareholding in Indus Towers for
cash, these shares would be equivalent to a 29.4%[5] shareholding
in the combined company. The Transaction values Vodafone's
shareholding at INR284bn (US$4.3bn)[6].
-- On the basis that (a) Providence decides to sell 3.35% of its
4.85% shareholding in Indus Towers for cash, and (b) Idea Group
decides to sell its full 11.15% shareholding in Indus Towers for
cash, Bharti Airtel's shareholding will be diluted from 53.5% in
Bharti Infratel today to 37.2% in the combined company[7].
-- Pro forma for the Transaction, the combined company's equity
value would be INR965bn (US$14.6bn)[8].
-- The final number of shares issued to Vodafone and the cash
paid or shares issued to Idea Group and Providence, will be subject
to closing adjustments, including but not limited to movements in
net debt and working capital for Bharti Infratel and Indus
Towers.
-- Bharti Airtel and Vodafone will jointly control the combined
company, in accordance with the terms of a new shareholders'
agreement.
-- The transaction is conditional on regulatory and other
approvals, including from CCI, SEBI, NCLT, DoT (FDI approval), and
is expected to close before the end of the financial year ending 31
March 2019.
Transaction details
Bharti Airtel Limited (NSE:BHARTI) ("Bharti Airtel"), Idea
Cellular Limited (NSE:IDEA) (along with its subsidiary ABTL, "Idea
Group") and Vodafone Group Plc (LSE:VOD) ("Vodafone") today
announce that they have agreed to merge Vodafone's, Idea Group's
and Providence Equity Partners' ("Providence") respective
shareholdings in Indus Towers Limited ("Indus Towers") into Bharti
Infratel Limited (NSE:INFRATEL) ("Bharti Infratel"), creating a
combined company that will own 100% of Indus Towers (the
"Transaction").
Indus Towers is currently jointly owned by Bharti Infratel
(42%), Vodafone (42%), Idea Group (11.15%) and Providence
(4.85%).
The transaction will be structured as follows:
a) Indus Towers will be merged with and into Bharti Infratel through a scheme of arrangement.
b) The Merger Ratio of 1,565 shares of Bharti Infratel for every
1 Indus Towers share is within the range recommended by the
independent valuer. Based on the SEBI pricing guidelines for Bharti
Infratel, in relation to the proposed scheme, as at 23 April 2018
(INR363 per share) [9], the Merger Ratio implies an enterprise
value for Indus Towers of INR715bn (US$10.8bn). This is equivalent
to valuing Indus Towers at 9.3x EV/LTM EBITDA[10].
c) It is intended that Idea Group will sell its 11.15%
shareholding for cash concurrent with completion of the Scheme. The
cash consideration payable by Bharti Infratel will be based on a
formula linked to Bharti Infratel's VWAP for the 60 trading day
period prior to completion of the merger[11]. Based on Bharti
Infratel's VWAP during the last 60 trading days prior to the date
of this announcement, this would equate to a cash consideration of
INR65bn (US$1.0bn). In lieu of cash, Idea Group will be able to
elect to be issued with 207.9m new shares, based on the Merger
Ratio[12]. This would be equivalent to a 7.1% shareholding in the
combined company, on the basis that Providence also elects to
receive new shares in exchange for its full 4.85% shareholding in
Indus Towers. All the proceeds from the sale of the 11.15% stake
will be for the benefit of the entity resulting from the merger of
Vodafone India and Idea Group.
d) Providence will receive new shares equivalent to a 1.1%
shareholding in the combined company in exchange for 1.5% out of
its 4.85% shareholding in Indus Towers. The consideration for the
remaining 3.35% of its shareholding in Indus Towers will be settled
by Bharti Infratel in cash or shares at Providence's election. The
valuation terms of the cash consideration will be identical to that
for Idea Group and the valuation terms for the share consideration
will be based on the Merger Ratio.
e) Vodafone will be issued with 783.1m new shares in the
combined company, in exchange for its 42% shareholding in Indus
Towers. On the basis that (a) Providence decides to sell 3.35% of
its 4.85% shareholding in Indus Towers for cash, and (b) Idea Group
decides to sell its full 11.15% shareholding in Indus Towers for
cash, these shares would be equivalent to a 29.4%[13] shareholding
in the combined company. The Transaction values Vodafone's
shareholding at INR284bn (US$4.3bn)[14].
f) On the basis that (i) Providence decides to sell 3.35% out of
its 4.85% shareholding in Indus Towers for cash, and (ii) Idea
Group decides to sell its full 11.15% shareholding in Indus Towers
for cash, Bharti Airtel's shareholding will be diluted from 53.5%
in Bharti Infratel today to 37.2% in the combined company[15].
g) The final number of shares issued to Vodafone and the cash
paid or shares issued to Idea Group and Providence, will be subject
to closing adjustments, including but not limited to movements in
net debt and working capital for Bharti Infratel and Indus
Towers.
Strategic combination
Indus Towers currently operates in 15 telecom service areas
("Circles") and Bharti Infratel's operations are focused on the
remaining 7 Circles. The combination of Bharti Infratel and Indus
Towers, with their highly complementary footprints, will create a
pan-India tower company with the ability to offer high quality
passive infrastructure services to all operators on a
non-discriminatory basis, needed to support the pan-India expansion
of wireless broadband services using 4G/4G+/5G technologies.
Taken together, Bharti Infratel and Indus Towers had over
163,000 towers and 367,000 tenancies as at 31 March 2018. With over
INR253bn (US$3.8bn) in revenues (for the financial year ended 31
March 2018), the combined company will be well placed to invest on
a national basis to satisfy the future demand from all telecoms
operators in India as they continue to densify their networks to
support sustained data traffic growth and roll out new network
technologies. The merger of Bharti Infratel and Indus Towers is
founded on a shared commitment to realise the Government of India's
'Digital India' vision, delivering significant benefits to 1.3bn
Indian consumers and creating substantial value for all
stakeholders.
Operational synergies are also anticipated but have not been
quantified at this stage. They include:
i. Benefits of scale for capex, both in terms of new tower roll-out and tower maintenance;
ii. Simplification of the organisational structure; and
iii. General and administrative cost efficiencies.
Joint governance and management
Bharti Airtel and Vodafone will have equal rights in the
combined company. They have entered into a shareholders' agreement
and it is expected that the combined company's articles of
association will be amended at completion to reflect some of these
rights.
Following completion, the Board of the combined company will
comprise of 11 directors, of whom three will be appointed by each
of Bharti Airtel and Vodafone, one will be appointed by KKR/Canada
Pension Plan Investment Board and four (including the Chairman)
will be independent. The management team will be confirmed prior to
closing.
None of Bharti Airtel, Vodafone or Idea Group (if it elects to
receive shares), will be subject to a lock-in on their
shareholdings in the combined company[16].
After completion, the combined company will be accounted for
under the equity method by Vodafone and Bharti Airtel.
Capital structure and dividend policy
It is intended that any cash consideration paid to Idea Group
and/or Providence will be financed through new debt facilities and
the existing cash resources of Bharti Infratel. On the basis that
Idea Group and Providence elect to receive the maximum possible
cash consideration, the pro forma net debt of the combined company
would have been INR56bn (US$0.8bn) as at 31 March 2018. This is
equivalent to 0.5x net debt/LTM EBITDA[17].
Pro forma for the Transaction, the combined company's equity
value would be INR965bn (US$14.6bn)[18], based on the SEBI pricing
guidelines for Bharti Infratel in relation to the proposed
scheme[19], as at 23 April 2018 (INR363 per share).
Bharti Airtel and Vodafone have agreed a capital structure and
dividend policy which is expected to be implemented post
completion. The combined company is expected to distribute any
excess cash flow to its shareholders through dividends or share
buybacks, without exceeding a maximum leverage ratio of 3.0x LTM
EBITDA.
Conditions to completion and indicative timetable
The transaction is subject to approvals from the relevant
regulatory authorities, including from CCI, SEBI, NCLT, DoT (FDI
approval), approval from Bharti Infratel's shareholders, necessary
corporate approvals from the companies involved, as well as closing
conditions.
The transaction is expected to complete before the end of the
financial year ending 31 March 2019.
KPIs and key financials of Bharti Infratel, Indus Towers and the
combined company
Bharti Infratel
(excl.
12 months ending its 42% share
31 March 2018 of Indus Towers Combined
INRm (US$m) Indus Towers) (100%) company
------------------ ---------------- ------------- ---------------
Towers 39,523 123,639 163,162
------------------ ---------------- ------------- ---------------
Tenancies 88,665 278,408 367,073
------------------ ---------------- ------------- ---------------
Tenancy Ratio 2.24x 2.25x 2.25x
------------------ ---------------- ------------- ---------------
Revenue INR66,180m INR187,424m INR253,604m
(US$999m) (US$2,830m) (US$3,830m)
------------------ ---------------- ------------- ---------------
EBITDA INR31,854m INR77,160m INR109,014m
(US$481m) (US$1,165m) (US$1,646m)
------------------ ---------------- ------------- ---------------
Capex INR11,223m INR24,730m INR35,953m
(US$169m) (US$373m) (US$543m)
------------------ ---------------- ------------- ---------------
Net debt / (INR68,162m) INR39,176m INR55,595m
(net cash)
((US$1,029m)) (US$592m) (US$840m)[20]
------------------ ---------------- ------------- ---------------
Current shareholding structure of Bharti Infratel and Indus
Towers
Bharti Infratel Indus Towers
--------------------- ----------------- -------------
Bharti Airtel 53.5% -
--------------------- ----------------- -------------
Bharti Infratel n.a. 42.0%
--------------------- ----------------- -------------
Vodafone - 42.0%
--------------------- ----------------- -------------
Idea Group - 11.15%
--------------------- ----------------- -------------
Providence - 4.85%
--------------------- ----------------- -------------
Public shareholders 46.5% -
--------------------- ----------------- -------------
Indicative combined company shareholding structures
Idea Group (all Idea Group (all
cash shares
election); Providence election); Providence
(1.5% in shares, (all shares election)
3.35% in
cash)
--------------------- ----------------------- -----------------------
Idea Group cash Yes No
election?
--------------------- ----------------------- -----------------------
Providence cash Yes No
election?
--------------------- ----------------------- -----------------------
Bharti Airtel 37.2% 33.8%
--------------------- ----------------------- -----------------------
Vodafone 29.4% 26.7%
--------------------- ----------------------- -----------------------
Idea Group - 7.1%
--------------------- ----------------------- -----------------------
Providence 1.1% 3.1%
--------------------- ----------------------- -----------------------
Public shareholders 32.3% 29.3%
--------------------- ----------------------- -----------------------
About Bharti Airtel
Bharti Airtel Limited is a leading global telecommunications
company with operations in 16 countries across Asia and Africa.
Headquartered in New Delhi, India, the company ranks amongst the
top 3 mobile service providers globally in terms of subscribers. In
India, the company's product offerings include 2G, 3G and 4G
wireless services, mobile commerce, fixed line services, high speed
home broadband, DTH, enterprise services including national &
international long distance services to carriers. In the rest of
the geographies, it offers 2G, 3G, 4G wireless services and mobile
commerce. Bharti Airtel had over 413 million customers across its
operations at the end of March 2018. To know more please visit,
www.airtel.com
About Bharti Infratel
Bharti Infratel is one of India's leading providers of tower and
related infrastructure and it deploys, owns and manages telecom
towers and communication structures, for various mobile operators.
The company's consolidated portfolio of over 91,000 telecom towers,
which includes over 39,000 of its own towers and the balance from
its 42% equity interest in Indus Towers, makes it one of the
largest tower infrastructure providers in the country with presence
in all 22 telecom circles. The three leading wireless
telecommunications service providers in India by revenue - Bharti
Airtel, Vodafone India and Idea Cellular Limited - are the largest
customers of Bharti Infratel. The company has been the industry
pioneer in adopting green energy initiatives for its operations.
For further details visit www.bharti-infratel.com
About Idea Cellular Limited
Idea Cellular Limited is the third largest wireless operator by
subscribers in India with a Revenue Market Share of approximately
15.9% of the Indian mobile telecommunications services industry
(excluding wireline revenue for Bharat Sanchar Nigam Limited and
Mahanagar Telephone Nigam Limited) for the Q3FY18. Idea Cellular
Limited is listed on National Stock Exchange (NSE), and the Bombay
Stock Exchange (BSE) in India. Idea Cellular Limited is part of the
Aditya Birla Group, which is one of the largest business groups in
India. The Aditya Birla Group is a conglomerate with operations in
35 countries and has business interests in, among others, mobile
telecommunications, financial services, metal and mining, cement,
carbon black, textiles, garments, chemicals and fertilizers
sectors.
More information on Idea Cellular Limited is available at
www.ideacellular.com and on the Aditya Birla Group at
www.adityabirla.com
About Indus Towers
Indus Towers Limited is an independently managed company
offering passive infrastructure services to all telecom operators.
Founded in 2007, Indus Towers Limited has been promoted under a
joint venture among entities of Bharti Group (rendering telecom
services in India under the brand name Airtel), Vodafone Group
(rendering telecom services under the brand name Vodafone) and
Aditya Birla Group (rendering telecom services under the brand name
Idea), who created history by collaborating to share telecom
infrastructure. Indus Towers has a presence in the 15 major telecom
circles of India, and has achieved 278,408 tenancies, a first in
the telecom tower industry globally. With 123,639 towers in 15
circles across the country, Indus Towers has the widest coverage in
India and is also the largest telecom tower company in the world.
Indus Towers began as the largest telecom tower company in 2008
with a modest tenancy ratio of 1.28 and within 5 years reached the
momentous achievement of 2.0x.
About Vodafone
Vodafone Group Plc is one of the world's largest
telecommunications companies and provides a range of services
including voice, messaging, data and fixed communications. Vodafone
Group Plc has mobile operations in 26 countries, partners with
mobile networks in 50 more, and fixed broadband operations in 19
markets. As of 31 December 2017, Vodafone Group Plc had 523.5m
mobile customers and 18.5m fixed broadband customers, including
India and all of the customers in Vodafone Group Plc's joint
ventures and associates. For more information, please visit:
www.vodafone.com
Advisors to Bharti Airtel and Bharti Infratel
Fairness opinion provider for Bharti Infratel: JP Morgan.
Legal advisor: AZB & Partners.
Advisors to Idea Group
Financial advisor: DSP Merrill Lynch Limited.
Legal advisor: Bharucha & Partners.
Advisors to Vodafone
Financial advisor: Morgan Stanley.
Legal advisors: S&R Associates, Slaughter and May.
Independent Valuer
Walker Chandiok & Co LLP.
Enquiries
Bharti Airtel and Bharti e-mail: raza.khan@bharti.in
Infratel e-mail: prem.subedi@bharti.in
Corporate Communications
-------------------------- ------------------------------------------------
Idea Cellular Limited Tel: +91 95940 03439
Investor Relations e-mail: investorrelations@idea.adityabirla.com
-------------------------- ------------------------------------------------
Vodafone
Investor Relations Tel: +44 (0) 7919 990
Media Relations 230
www.vodafone.com/media/contact
-------------------------- ------------------------------------------------
Disclaimer
Certain information contained in this document constitutes
"forward-looking statements", which can be identified by the use of
terms such as "may", "will", "should", "expect", "anticipate",
"project", "estimate", "intend", "continue", "target" or "believe"
(or the negatives thereof) or other variations thereon or
comparable terminology, or by discussions of strategy, plans,
objectives, goals, future events or intentions. Such statements
express the intentions, opinions, or current expectations of the
parties with respect to possible future events and are based on
current plans, estimates and forecasts, which the parties have made
to the best of their respective knowledge, concerning, among other
things, the respective business, results of operations, financial
position, prospects, growth and strategies, statements regarding
the transaction and the anticipated consequences and benefits of
the transaction, and the targeted closing date of the transaction.
Due to various risks and uncertainties, actual events or results or
the actual performance may differ materially from those reflected
or contemplated in such forward-looking statements.
Such risks and uncertainties include, but are not limited to,
regulatory approvals that may require acceptance of conditions with
potentially adverse impacts; risks involving the parties'
respective ability to realise expected benefits associated with the
transaction; the impact of legal or other proceedings; and
continued growth in the market for telecommunications services and
general economic conditions in the relevant market(s).
Furthermore, a review of the reasons why actual results and
developments may differ materially from the expectations disclosed
or implied within forward-looking statements can be found:
-- under "Forward-looking statements" and "Principal risk
factors and uncertainties" in the Vodafone Group Plc's annual
report for the year ended 31 March 2017 and under "Other
Information - Forward-Looking Statements" in Vodafone Group Plc's
Trading Update for the quarter ended 31 December 2017 (available on
its website at www.vodafone.com);
-- in the section headed "Risks and Concerns" in Bharti Airtel's
2017 Annual Report (available on its website at www.airtel.in);
-- in the section headed "Opportunities and Threats" in Bharti
Infratel's 2017 Annual Report (available at its website at
www.bharti-infratel.com); and
-- in the section headed "Opportunities, Risks, Concerns and
Threats" in Idea Group's 2017 Annual Report (available on its
website at www.ideacellular.com).
No website or part thereof, or other document, is or shall be
deemed to be incorporated in this announcement. None of Vodafone,
Bharti Airtel, Bharti Infratel or Idea Group assumes any
responsibility or liability for the content of any website or
document published by any other party.
No assurances can be given that the forward-looking statements
in this announcement will be realised. As a result, recipients
should not rely on such forward-looking statements. Subject to
compliance with applicable law and regulations, the parties
undertake no obligation to update these forward-looking statements.
No representation or warranty is made as to the reasonableness of
such forward-looking statements. No statement in this announcement
is intended to be nor should be construed as a profit forecast or
estimate for any period. Actual results could differ materially
from those expressed or implied.
This announcement is for information purposes only and is not
intended to and does not constitute, or form part of, any
invitation or offer to sell, dispose, acquire, purchase or
subscribe for any securities of any companies mentioned herein in
any jurisdiction, whether pursuant to the transaction or otherwise.
This document shall not be distributed or used by any person or
entity in any jurisdiction where such distribution or use would be
contrary to applicable law or regulation.
Notes to Editors
FX rate used:
INR / US$ 66.22
[1] The combined company will be the largest tower company in
the world outside China by number of towers as at March 2018
[2] Based on the SEBI pricing guidelines for Bharti Infratel, in
relation to the proposed scheme, as at 23 April 2018 (INR363 per
share), implying an Indus Towers equity value of INR676bn
(US$10.2bn) based on the Merger Ratio, Indus Towers net debt of
INR39bn (US$0.6bn), and Indus Towers March 2018 LTM EBITDA of
INR77bn (US$1.2bn)
[3] Idea Group's shareholding in Indus Towers held through
wholly-owned subsidiary (ABTL). Bharti Infratel's 60 trading day
VWAP will be computed at the end of Idea Group's election period,
i.e. after the completion of all conditions precedent including
regulatory approvals required for the merger
[4] Based on Bharti Infratel's 60 trading day VWAP of INR339 as
at 23 April 2018 and after applying a 10% discount to the implied
Bharti Infratel March 2018 LTM EBITDA multiple of 9.0x, implying an
Indus Towers equity value of INR583bn (US$8.8bn)
[5] Calculated as 783.1m shares issued to Vodafone / (current
Bharti Infratel shares outstanding of 1,849.6m + 783.1m shares
issued to Vodafone + 28.0m shares issued to Providence) on the
assumption that Idea Group sells its shares for cash and Providence
elects to receive cash for its 3.35% shareholding in Indus Towers.
The final number of shares issued will be subject to closing
adjustments, including movements in net debt and working capital
for Bharti Infratel and Indus Towers
[6] Based on 783.1m shares issued to Vodafone and the SEBI
pricing guidelines for Bharti Infratel, in relation to the proposed
scheme, of INR363 per share as at 23 April 2018
[7] Calculated as 989.8m current Bharti Airtel shares in Bharti
Infratel / (current Bharti Infratel shares outstanding of 1,849.6m
+ 783.1m shares issued to Vodafone + 28.0m shares issued to
Providence), on the assumption that Idea Group sells its shares for
cash and Providence elects to receive cash for its 3.35%
shareholding in Indus Towers. The final number of shares issued
will be subject to closing adjustments, including movements in net
debt and working capital for Bharti Infratel and Indus Towers
[8] Based on the SEBI pricing guidelines for Bharti Infratel, in
relation to the proposed scheme, as at 23 April 2018 (INR363 per
share) and pro forma shares outstanding of 2,660.7m (current Bharti
Infratel shares outstanding of 1,849.6m + 783.1m shares issued to
Vodafone + 28.0m shares issued to Providence) on the assumption
that Idea Group sells its shares for cash and Providence elects to
receive cash for its 3.35% shareholding in Indus Towers. The final
number of shares issued will be subject to closing adjustments,
including movements in net debt and working capital for Bharti
Infratel and Indus Towers
[9] The higher of (i) the two week average of the highest and
lowest daily VWAP, and (ii) the six months weekly average of the
highest and lowest daily VWAP
[10] See endnote 2
[11] See endnote 3
[12] Such election will be based on the decision of the board of
directors of the entity resulting from the merger of Vodafone India
and Idea Group
[13] See endnote 5
[14] See endnote 6
[15] See endnote 7
[16] The transaction will constitute a class 2 transaction for
Vodafone pursuant to the Listing Rules of the UK Listing Authority.
For the purpose of the disclosure requirements of LR 10.4.1,
Vodafone confirms that the value of the gross assets which are the
subject of the transaction are EUR857m as at 30 September 2017 and
that any decision to sell or to retain the Bharti Infratel shares
following closing, which is expected to occur before the end of the
financial year ending 31 March 2019, would be taken in light of
circumstances prevailing and investment considerations at the
relevant time
[17] Calculated as (Bharti Infratel standalone March 2018 net
cash of INR68bn (US$1.0bn) + Indus Towers March 2018 net debt of
INR39bn (US$0.6bn) + INR84.6bn (US$1.3bn) cash outflow to finance
the acquisition of Idea Group's 11.15% as well as Providence's
3.35% shareholdings) / March 2018 combined company LTM EBITDA of
INR109bn (US$1.6bn)
[18] See endnote 8
[19] See endnote 9
[20] Pro forma for INR84.6bn (US$1.3bn) cash outflow to finance
the acquisition of Idea Group's 11.15% as well as Providence's
3.35% shareholdings in Indus Towers
- ends -
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCIAMTTMBITMPP
(END) Dow Jones Newswires
April 25, 2018 02:00 ET (06:00 GMT)
Vodafone (LSE:VOD)
Historical Stock Chart
From Apr 2024 to May 2024
Vodafone (LSE:VOD)
Historical Stock Chart
From May 2023 to May 2024