RNS Number:1022I 
Vodafone Group Plc 
24 August 2006 
 
 
25 August 2006 
 
                        SALE OF 25% INTEREST IN PROXIMUS 
 
Vodafone today announces that it has agreed to sell its 25% interest in Proximus 
to Belgacom for a consideration of e2.0 billion in cash. Belgacom already owns 
75% of Proximus which is the leading mobile operator in Belgium. 
 
The consideration implies an Enterprise Value to EBITDA (Note 1) multiple of  
7.2x for the financial year ending 31 March 2007. Net cash proceeds to  
Vodafone are anticipated to be e2.0 billion (£1.4 billion). 
 
Vodafone and Proximus have also signed a revised long-term Partner Network 
Agreement in Belgium with an initial five year term. This will enable Proximus 
and Vodafone customers to continue to benefit from Vodafone's global products 
and services such as Vodafone live!, Vodafone Mobile Connect Card, Blackberry 
from Vodafone and international roaming services, including preferred roaming 
arrangements. In addition, the two companies will continue to co-operate in 
serving international corporate customers. 
 
Commenting on the transaction, Arun Sarin, Chief Executive of Vodafone, said: 
 
"We have enjoyed a long and successful relationship with Belgacom, and together 
have built the leading mobile operator in Belgium. We do not, however, see 
ourselves as the most appropriate long-term holder of this minority stake. In 
line with our strategy of actively managing our portfolio and maximising 
returns, we have achieved an attractive price with this sale. I am also pleased 
that our customers will continue to benefit from our products and services in 
Belgium through a renewed long-term Partner Network Agreement with Proximus." 
 
The sale is subject to certain regulatory approvals and is expected to close 
before 31st December 2006. The sale proceeds will be used to reduce Vodafone's 
net indebtedness. 
 
This transaction does not materially affect Vodafone's proportionate mobile 
revenue and EBITDA outlook for the financial year ending 31 March 2007. However, 
Vodafone will no longer receive anticipated dividend income from Proximus of 
approximately £150m this year and there will be a corresponding reduction in the 
Group's free cash flow outlook for the financial year ending 31 March 2007. 
 
As a result of the transaction, Vodafone currently anticipates recording a gain 
on disposal of approximately £0.45 billion in its results for the year ending 31 
March 2007 and will cease recording its share of the result of its 25% interest 
in Proximus from the date of closing of the sale. 
 
                                     -ends- 
 
For further information: 
 
Vodafone Group 
 
Investor Relations                             Media Relations 
Telephone: +44 (0) 1635 664447                 Telephone: +44 (0) 1635 664444 
 
 
 
Notes to Editors 
 
About Vodafone 
 
Vodafone is the world's leading international mobile telecommunications group 
with equity interests in 27 countries across 5 continents with 186.8 million 
proportionate customers worldwide as at 30 June 2006 as well as 33 partner 
networks. For further information, please visit www.vodafone.com 
 
About Proximus 
 
Proximus is the trading name of Belgacom Mobile SA. Proximus is the mobile 
telephony market leader in Belgium and is 75% owned by the Belgacom Group and 
25% owned by Vodafone. For further information, please visit www.proximus.be 
 
About Belgacom 
 
The Belgacom Group (Belgacom S.A. and its subsidiaries) is the largest 
telecommunications company in Belgium and a market leader in many fields, 
particularly in wholesale and retail fixed line services, mobile communications, 
Internet and broadband data transmission services. For further information, 
please visit www.belgacom.be 
 
Note 1: Proximus EBITDA estimate for fiscal year 2007 is based on a consensus of 
research analysts' estimates. 
 
For illustrative purposes an exchange rate of £0.68:e1 has been used. 
 
(c) Vodafone Group 2006. VODAFONE, the Vodafone logos, Vodafone live! and 
Vodafone Mobile Connect are trade marks of the Vodafone Group. Other product and 
company names mentioned herein may be the trade marks of their respective 
owners. 
 
 
 
 
                      This information is provided by RNS 
            The company news service from the London Stock Exchange 
 
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DISBCGDILGDGGLS 
 
small e before a number denotes euros