Exercise of Options by Essar and Vodafone
Vodafone Group announces that the Essar Group has exercised its underwritten put option over 22% of Vodafone Essar Limited (‘VEL’). Following the exercise by the Essar Group of its put option, Vodafone has exercised its call option over the remaining 11% of VEL owned by the Essar Group resulting in a total cash payment of US$5 billion. Final settlement is anticipated to be no later than November 2011.
Vodafone Group’s published net debt figure already includes this US$5 billion.
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Vodafone is one of the world's largest mobile communications groups by revenue with approximately 359 million customers in its controlled and jointly controlled markets as at 31 December 2010. Vodafone currently has equity interests in over 30 countries across five continents and more than 40 partner networks worldwide.