Vodafone Portugal to acquire NowoFriday, September 30th, 2022
Vodafone announces deal to buy Nowo
LISBON — Vodafone Portugal (“Vodafone”) has entered into an agreement with Llorca JVCO Limited, shareholder of Másmóvil Ibercom, SA (“Másmóvil”), for the purchase of the company Cabonitel SA, owner of Nowo Communications (“Nowo”), subject to the necessary regulatory approval.
Nowo is the fourth largest convergent operator in Portugal, with around 250 thousand mobile service subscribers and 140 thousand fixed access customers (Pay TV and Broadband) across the approximately 1 million homes covered by its communications infrastructure.
The acquisition of Nowo’s operation by Vodafone reinforces its competitiveness in the market, providing it with greater scale and greater coverage, with benefits for current and future customers, as well as for the sector. It also creates the conditions for more efficient investments in high-speed connectivity networks, as well as in the development of innovative products and services.
The transaction is subject to the necessary regulatory approval, and is expected to complete during the first half of 2023.
Mário Vaz, CEO of Vodafone Portugal: “The acquisition of Nowo will allow Vodafone to increase its customer base, as well as its fixed network coverage. The future modernization of the network acquired for the new generation of optical fiber will benefit current and future users, by guaranteeing the quality and increased resilience of this infrastructure.
With 30 years of commercial activity in the Portuguese market, this operation is yet another demonstration of Vodafone’s and its shareholder’s commitment to the country, and of the commitment to the development of an increasingly digital society and business fabric in Portugal.”