• Colao signs off with a bundle of buyouts to reward long Liberty flirtation.
  • EUR18.4bn price tag welcomed by City.
  • Twinned with emerging market palm-offs, Group’s centre of gravity moves further into Europe’s stolid telecoms market.
  • Major integration programme to excite and challenge partners; aims outweigh that of Kabel Deutschland.
  • Regulators, rivals eye leverage on Group’s expanded cable assets.

Vodafone prospectively patched up four holes in its European wireline footprint in one go, by agreeing an EUR18.4bn (£16.1bn) deal to buy a clutch of regional cable assets from M&A buddy Liberty Global.

The agreement, culminating from talks revealed in early-February 2018, and several years of Liberty-related M&A noise before that (Vodafonewatch, #162), envisages bringing Liberty’s German operation Unitymedia, as well as sister businesses UPC Czech Republic, UPC Hungary, and UPC Romania, into the Group fold. In return, Vodafone will pay Liberty EUR10.8bn in cash and take on EUR7.6bn of debt attached to Unitymedia by its enthusiastic borrower parent.

If cleared by regulators, the deal will cover off the trio of economically important German states that lie outside of Kabel Deutschland’s (KDG) cable footprint (Baden-Württemberg, Hesse, and VfD’s ‘home state’ of North-Rhine Westphalia, the country’s largest region by population and biggest generator of GDP). It also encompasses three of the remaining Europe Region territories where Vodafone is still largely a mobile-only player, and local executives have evidently been agitating to gain the same wireline boost afforded to OpCo peers (Vodafonewatch, #161, #162, and #164).

Not all holes filled

For cross-selling and up-selling opportunities, the deal prospectively adds, based on 31 December 2017 figures:

  • Around 3.5 million broadband customers to VfD’s 30.4 million mobile subscribers and existing, 6.5 million-strong broadband user base.
  • Around 500,000 broadband customers to Vodafone Czech Republic’s (VfCZ) 3.8 million mobile users (and 15,000 existing broadband subscribers).
  • Around 800,000 broadband customers to Vodafone Hungary’s 2.8 million mobile users.
  • Around one million broadband customers to Vodafone Romania’s 9.2 million mobile users (and 66,000 existing broadband subscribers).
  • Eleven million “marketable”, “next-generation network (NGN) homes passed in Germany, adding to VfD’s existing coverage of 12.7 million, plus the one million earmarked by the Gigabit Investment Plan announced in 2017 (Vodafonewatch, #158). This puts VfD considerably closer to Deutsche Telekom’s (DT) 30.3 million “NGN” footprint.
  • Around 6.4 million NGN homes passed in the three central and eastern European markets, surpassing incumbents’ VDSL and fibre-to-the-home (FTTH) footprints in the case of Czech Republic and Romania.

Despite the huge resource boost, though, the deal still leaves some parts of the Group’s Europe Region comparatively light on in-house wireline assets – Vodafone Italy and Vodafone UK among them.

A mind-bending business and approval case

The buyout is by far the largest incoming M&A deal by Chief Executive (CEO) Vittorio Colao, and probably the Italian’s last major move before his October 2018 departure (see separate report).

It was talked up by Colao as a “big, transformative transaction for Vodafone”, and shareholders appeared to fall in behind his rationale for yet another multi-billion-euro add-on to the Group’s European convergence portfolio (and debt pile). Vodafone’s shares rose marginally on the day the deal was confirmed.

Selling the deal to outside stakeholders will be more awkward, however – requiring acceptance of the nuanced, “strong number-two” strategy Colao has pursued in the latter part of his spell at the Group’s helm, in a bid to force through a more US-style telecoms market in Europe (Vodafonewatch, passim).

Vodafone’s line puts it neither on the side of national telcos nor upstart challengers – essentially arguing that the deal creates scale, but that is OK (and indeed necessary) from a competitive standpoint, because incumbent operators are even more powerful and can only be shaken up by a challenger that can punch with comparative fiscal force. This is something of a mouthful to articulate and swallow, and reflective of Vodafone’s problematic, betwixt-and-between strategic positioning in Europe. Colao, again showing his tendency to conflate scale with market benefit, said the Liberty deal would create the “first, truly converged, pan-European champion of competition”.

Vodafone’s strategy to relentlessly gravitate investment towards Europe’s challenged telecoms sector may also raise eyebrows – contrasting markedly with the various exits Liberty has agreed in the region over recent months (also including a pending sale of UPC Austria to Deutsche Telekom).

  • There was a familiar feel to Vodafone’s team of running buddies on the Liberty deal. Corporate finance boutique Robey Warshaw was again on the squad, having been a feature on Group deals since the VZW sale. Morgan Stanley worked alongside Robey Warshaw, following on from work on the Group’s last three major transactions – the 2014 purchase of ONO, 2016 creation of the VodafoneZiggo (VfZ) joint venture, and 2017 Idea Cellular combination in India. UBS – alma mater of Robey Warshaw founder Simon Warshaw and Group Head of M&A Pierre Klotz – was a further financial advisor. Slaughter and May managed legal aspects, as per the 2016 VfZ merger and recent Indian transactions. LionTree and Goldman Sachs acted as financial advisors to Liberty.

Other key takeaways from the transaction include:

  • Group’s patient orbiting of Liberty pays off. Vodafone was generally portrayed as having got the better of Liberty on the deal, with the US cable group seeing its shares drop on the announcement. The EUR18.4bn price tag was said to have been at the lower end of analyst expectations. Some had apparently feared Vodafone could drop more than EUR20bn on the four businesses, and inflict a greater impact on shareholders, beyond the issuance of mandatory convertible bonds (MCB) and “hybrid debt securities” to part-fund the takeover. Vodafone stressed the valuation as “attractive” and gave an insight into its long-vaunted algorithm for governing M&A decisions, saying the quartet were valued “below… our current trading multiple for a business that grows in Europe.”
  • Vodafone again underrates speed-of-action. Despite The City‘s positive response to the deal, this was not a case of Vodafone exploiting Liberty’s desire to restructure and hammering it for a huge discount. The agreed valuation represents 10.9 times the four businesses’ core earnings – on a level with Vodafone’s 2013-2014 acquisitions of KDG and Spain’s ONO (Vodafonewatch, #115 and #122). Further, while Group executives argued they had gained a better price by waiting things out in their dalliance with Liberty, patience is a two-edged sword. It remains evident that Vodafone came late to the convergence party and is still being stung by next-generation network owners’ rapid rise in valuation over the past decade. Unitymedia – which represents well over half of the deal’s value – cost Liberty just EUR3.5bn when it was bought by the operator in 2010.
  • VZW windfall dwindles further. Financing the deal involves a convoluted mix of cash, new debt, and refinanced borrowing, inching Vodafone further away from the flush state it found itself in following the 2013 Verizon Wireless (VZW) exit. Of the EUR18.4bn outlay, an undisclosed portion would come from cash, but the bulk (EUR10bn) would be funded by new Group borrowing facilities – seemingly largely covered off by a $11.5bn (£8.6bn/EUR9.8bn) mixed bond offering closed shortly after the deal’s announcement, in late-May 2018. Also feeding into the transaction is the EUR3bn in MCBs. The Group’s debt stood at EUR31.5bn at 31 March 2018, having crept up from the sub-EUR20bn low seen in the wake of the VZW deal, at 31 March 2014. Following the transaction, it indicated its net debt/core earnings ratio would rise to the “upper end” of a newly targeted 2.5-3 range, from 2.1 at 31 March 2018.
  • Another bet on Europe. The decision to make another huge, multi-billion-euro gamble on European’s telecoms market is of course highly significant. It has implications for emerging markets operations that are being cut loose by Vodafone in a bid to create financial wiggle-room for incoming M&A action in Europe. Group Chief Financial Officer (and incoming Colao successor) Nick Read stressed he will continue work to “actively manage the portfolio” following the Liberty deal, and a slide within the Group’s subsequent Q4 FY17-18 presentation deck explicitly referenced being “more focused on Europe” as a part of the Group’s “Transforming Vodafone” plan (see separate report).

Vodafonewatch remains intrigued to see how this European ramp-up plays out for the Group’s UK operations, if and when it exits the European Union (EU). Vodafone has mooted an “operating model adjustment” as a post-Brexit possibility (Vodafonewatch, #156), and the same could be expected for management of the Group’s increasingly hands-off Africa, Middle East, and Asia-Pacific Region businesses, as the new CEO reshuffles his team.

  • A long, draining battle to firm deal up: Uncertainty pervades over regulators’ stance on the agreement’s primary German element – which unlike in other countries contains a large horizontal integration component. Deutsche Telekom (DT) had loudly denounced the deal before it was even agreed (Vodafonewatch, #162), and numerous other German players added their voice to concerns in the wake of Vodafone and Liberty’s announcement. Vodafone does not expect a quick resolution, targeting “around the middle of calendar year 2019” for closure. Its hopes appear to rest on ensuring the deal is reviewed at European Commission level, rather than domestically.
  • Another step-up in DT rivalry: Although the takeover is spread across four countries, and a variety of competitors, the deal has DT very much in its crosshairs. As well as being the incumbent target in Germany, DT controls the national telcos against which Vodafone is seeking to up its game in Hungary (Magyar Telekom) and Romania (Telekom Romania, which occupies a slot in the DT family tree via its parent, Greece’s OTE  Group). DT unit T-Mobile Czech Republic is a larger, mobile-centred rival of VfCZ, and one that is investing in wireline expansion as part of DT’s own convergence strategy. A long ‘phoney war’ period in which Vodafone did not appear to awaken the DT beast, with its “strong number-two” strategy, is now firmly at an end.
  • Vodafone expands role as cost extraction factory. Colao has been fond of trumpeting the opening of a “third chapter” in the Group’s development, with recent years’ push into converged services (Vodafonewatch, #132). However, with growth having long tailed off, Vodafone’s story has in reality become a pretty unexciting read of piecemeal M&A moves designed to mop up cost synergies, consolidate suppliers, and preserve margin. The question is how long before Vodafone ‘does another Australia’ by mishandling execution, or exhausts these opportunities within its footprint, and must look elsewhere to generate cash. As in other deals, the Liberty transaction comes with a big headline operating and capital expenditure (opex/capex) reduction target of EUR6bn net present value (NPV) and mere b-list revenue growth story (“more than EUR1.5bn” NPV).
  • Another doubling-down on cable as a platform for evolution. After major, cable-flavoured M&A moves in Germany (2013’s EUR7.7bn takeover of KDG), Netherlands (2016’s creation of the VodafoneZiggo joint venture), and Spain (2014’s EUR7.2bn acquisition of ONO), the Group is dropping even more billions of euros on cable networks as a foundation for high-speed network development. Vodafone continues to present its cable footprint as a Gigabit weapon, saying the deal will make it the leading “next-generation network owner in Europe, serving the largest number of mobile customers and households across the EU”. However, longer-term, some remain sceptical over the business case for investing in cable as a bearer, versus pure fibre. Cable operators are also facing an increasing risk of intervention from European regulators regarding competitor access to infrastructure, and Vodafone’s M&A action appears to be threatening acceleration. Opening up wholesale access to cable networks is being studied in both Germany and the Netherlands (Vodafonewatch, #163)

Image: Vodafone/Flickr

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Contents

EXECUTIVE BRIEF

Q4 FY17-18

Management update

Read dials up cost control as Med challenges revive [p6]

  • Table 1: Vodafone Group, revenue summary, Q4 FY17-18
  • Headlines — disjointed
  • Table 2: Vodafone Group, financial highlights, FY17-18
  • The Indian caveat

Spend: automation drive accelerated [p9]

  • Table 3: Vodafone Group, capital expenditure split, FY17-18
  • Table 4: Vodafone capital mix, FY17-19
  • Capex — more tweaking than transformation
  • Table 5: Digital Vodafone initiative, key tenets
  • More opex reductions — under-the-hood automation and analytics
  • Table 6: Vodafone guidance, FY17-19

Guidance: Forward view still fogged up [p12]

GROUP

Deals

Vodafone taps Liberty for a quad-play cable package [p14]

  • Not all holes filled
  • Table 7: Vodafone Europe Region OpCo mobile-wireline broadband user base weighting, at 31 March 2018 (‘000)
  • A mind-bending business and approval case
  • Table 8: Post-buyout synergy plan
  • FTTH vs. cable overhangs on Liberty deal
  • DOCSIS glitches in Germany
  • Ins and outs: DOCSIS 3.1, FTTH, cont’d…
  • Table 9: Talking DOCSIS: the pros and cons of DOCSIS 3.1 upgrades over HFC
  • Table 10: Ownership scenarios: the new Indus Towers

Infratel merger brings creation of Indus Towers Mk II [p22]

  • Loose ends
  • No sale, yet…
  • … but selldowns a possibility as Indus becomes India piggybank
  • More finance than business logic

People

Time to Read [p24]

  • Deceptive calm
  • Learner driver
  • Back to Blighty
  • Personality contest
  • Table 11: People movement highlights

Network

Colao foregrounds microwave and IoT in 5G strategy [p30]

  • Table 12: Backhaul capacity requirements per radio site for operators at two different stages of mobile broadband evolution.
  • Microwave heats up
  • Huawei testing programme looks to have gone well
  • No big bang: 5G on same growth trajectory as 4G
  • Düsseldorf and Milan: a tale of two 5G cities
  • Vorsprung durch 5G testing: Düsseldorf and Aldenhoven working hand in hand

Vodafone gets futuristic with Blade Runner project [p34]

  • ODA and ONAP
  • Table 13: Blade Runner rundown: movers and shakers
  • Mining for network interoperability

Partnerships

Secure Net ‘quietly builds’ EUR160m top-line [p36]

  • Moving onto next phase

Supply chain

Vodafone shifting advertising functions in-house [p37]

  • Table 14: Partner/supplier people movement highlights
  • Hidden agendas

ARCH SUMMIT 2018 SPECIAL REPORT

Far-reaching implications [p40]

An eventful way to bridge the innovation gap [p41]

Where deals happen, fast [p42]

  • EUR250k in cash prizes for the three most outstanding pitches

Tomorrow Street

“Hugely strategic” – Wilson [p44]

Enlightened self-interest for all [p45]

Suppliers: upgrade thyself [p47]

Luxembourg: location, location [p47]

  • At the heart of the Vodafone (procurement) universe

Corporate venturing: an unwelcome distraction [p48]

The first intake [p49]

Accenture: enabling zest [p50]

Tech Mahindra at Arch Summit 2018

TechMNxt meets Tomorrow Street [p51]

  • Startup ecosystems: at the heart of growth strategy
  • TechMNxt and the 3-4-3 Strategy
  • Emerging model: shared-risk, co-creation
  • Co-creation on the ground
  • Table 17: Startup partners accompanying Tech Mahindra to Arch Summit 2018

Vodafone Supplier Awards 2018

VPC tenth anniversary synchronised with Arch Summit [p56]

  • Table 15: Vodafone Supplier Awards, 2013-2017
  • Table 16: Arch Summit: higher-profile Vodafone partners and suppliers

Nokia: in the shadow of the juggernaut [p59]

  • Huawei: keeping it very low key

ContextSpace: profile

Putting out the (GDPR) privacy and compliance fires [p60]

  • Why?
  • The Day After GDPR
  • Don’t fight… embrace
  • Compliance, management, and security modernised in one swoop
  • Privacy-as-Service: multi-department, organisation, community…

Arch Summit presentations

Highlights… [p62]

Standouts: Luxembourg’s local heroes [p62]

Lonely Planet: from domination to digital age desolation [p63]

Ninian Wilson: Procurement as the corporate nexus [p64]

Schellekens: Vodafone preps for work of the future [p65]

Accenture: how can startups and corporates work together? [p67]

EUROPE REGION

Q4 FY17-18

Return of Club Med headaches [p69]

  • Table 18: Vodafone Europe Region, service revenue summary, Q4 FY17-18
  • Continental divides
  • Damage limitation exercise underway at VfIt; VfS hits bump in the autopista
  • A word for the little guys

Italy

Colao calm over possible TI-Open Fiber amalgamation [p72]

  • Out of the loop
  • Group on alert
  • Confidence on delivery

TOBi goes to Italy [p74]

  • Enabler picture still unclear

Spain

VfS dumps Champions League football, gets out popcorn [p75]

  • Game, set, match
  • Crowd trouble

VfS gets serious about SME digital transformation [p76]

  • Sharing and caring
  • SME moves by Telefónica, Orange

AFRICA, MIDDLE EAST, AND ASIA-PACIFIC REGION

Q4 FY17-18

Region avoids India shockwave but falling out of favour [p79]

  • Table 19: Vodafone AMAP Region, service revenue summary, Q4 FY17-18
  • Trouble at the exchange
  • Emerging markets U-turn articulated

Australia — Vodafone Hutchison Australia

VHA follows up 4.9G trials with urban rollouts [p82]

  • Practicalities

India

VfIn claims quick-fire backbone transplant a success [p83]

  • India now outweighs Europe on data

Bangalore-led IoT push looks set after core revamp [p84]

  • Next stage under wraps

New Zealand

VfNZ takes over Farmside in rural push [p85]

  • Good Stanners
  • Table 20: Farmside at a glance

Vodacom Group

Vodacom remains on prowl for fixed-line growth [p86]

  • Another one that got away

Joosub still keen on deals to add beef in Tanzania [p88]

  • VdT ownership tidy-up still on to-do-list
  • Ethiopia move remains a possibility
  • Table 21: Tanzanian operator subscription comparison, June 2017

Vodacom nears video refresh after delay [p89]

Safaricom aims to plug revenue leaks with Amdocs [p90]

  • New digital services?
  • Back-office to the future

FURTHER READING

INDEX

Index

Symbols

3rd Generation Partnership Project (3GPP) 32

5G Alliance for Connected Industries and Automation 59

5G Automotive Association 59

A

Accenture 28, 50, 56, 58, 67

Accor 77

Acision 29

Aditya Birla Group

– Idea Cellular 7, 8, 16, 22, 64, 79, 80, 84

Africa 8, 17, 27, 28, 78, 79, 81, 86, 87, 89

– Congo 29

– Egypt 10, 66, 80, 81

– Ethiopia 88

– Kenya 66, 86, 87, 89, 90

– Nigeria 87, 89

– North Africa 81

– South Africa 15, 29, 59, 66, 77, 80, 86, 87, 89

– – Competition Commission 22

– Sub-Sahara 81

– Tanzania 81, 86, 88

– Uganda 89

– Zanzibar 88

Agile Software Inc. 11

Altice Group 29

Altran Technologies, SA 58

Amazon.com Inc. 27, 35, 38, 58, 64, 74, 75

– Amazon Web Services 35, 38, 58

Amdocs 58, 90

American Tower Corp. 22, 23

Americas

– Canada 49

– Latin America 87

– USA 15, 17, 23, 25

– – Commerce Department 15

– – government 15

– – States

– – – Califormia 66

– – – New York 63

AppDirect 77

Apple 63, 77, 89

– iOS 36

– iPhone 24, 77

Aricent Inc. 58

Arqiva 29

Asia-Pacific 28, 50, 81, 87

– Australia 18, 28, 29, 45, 59, 79, 82, 83

– – National Broadband Network (NBN) 83

– China 15, 19, 24, 57, 67

– India 6, 7, 8, 9, 10, 12, 15, 16, 22, 23, 24, 27, 52, 53, 64, 79, 80, 81, 83, 84

– – Department of Telecommunications (DoT) 22

– Malaysia 81

– New Zealand 15, 27, 29, 59, 83, 85

– – Rural Broadband Initiative (RBI) 85

– South Korea 15

AT&T 34, 35, 38, 54

Axiata Group Bhd (TM International)

– India (Idea Cellular, see also Aditya Birla) 7, 8, 16, 22, 23, 64, 79, 80, 81, 84

– Indonedia (PT Excelcomindo Pratama Tbk/XL, see separate) 73

B

Bharti Group 22, 23

– Airtel 22, 23, 24, 87, 88

– – Bharti Infratel 22

– Indus Towers 7, 8, 22, 23, 24, 80

BlackBerry 58

British Broadcasting Corp. (BBC) 54

BT Group 35, 52, 54, 55

Bulldog Communications 29

Bulldog, UK 29

C

CGI Group Inc. 58

Ciena Corp. 58, 83

Cisco Systems 58, 76

Colt Technology Services Group 58

Commercial Bank of Africa 87

CommScope Inc. 58

Communications Test Design, Inc. 58

ContextSpace Solutions Ltd 51, 55, 60, 61

Coriant 58

Cortex Ltd 55

C.P.A. Czech s.r.o. 11

D

DaimlerChrysler

– Mercedes~Benz 56

Dark Fibre Africa 87

Dell 28

Dell Technologies 43, 57, 58

– Dell EMC 57, 58

Deloitte Touche Tohmatsu 58

Deutsche Telekom 14, 15, 16, 17, 18, 29, 30, 38, 48

– Europe

– – Czech Republic 18, 69

– – Hungary (see Magyar Telekom) 18

– – UK (EE) 54, 76

– Germany 14

– Investments

– – Magyar Telekom (see separate) 18

– – OTE (see separate) 18

– USA 14, 29

du (Emirates Integrated Telecommunications) 35

E

eBay 77

EE (see DT, FT) 54, 76

EfficientIP SAS 55

EMC 28

Enel SpA 72, 73

Ercom SA 55

Ericsson 29, 31, 33, 58, 83, 89, 90

Etisalat 88

Europe 7, 8, 9, 10, 14, 15, 16, 17, 18, 19, 23, 25, 27, 29, 36, 38, 50, 54, 59, 68, 69, 70, 75, 79, 81, 83

– Albania 15, 36

– Austria 16

– Cyprus 69

– Czech Republic 9, 14, 15, 69

– – Czech Telecommunications Office (CTU) 69

– Finland 69

– France 34, 55, 71, 72

– Germany 7, 9, 10, 12, 14, 15, 17, 18, 19, 30, 33, 35, 36, 38, 54, 69, 70, 73, 77

– – ARD 70

– – Länder

– – – Baden-Württemberg (Stuttgart) 14

– – – Bavaria (Munich) 49, 54

– – – Hesse (Wiesbaden) 14

– – – North Rhine-Westphalia (Düsseldorf) 30, 33

– Greece 10, 15, 18, 28, 36, 69, 70

– Hungary 9, 15, 18, 69

– Ireland 15, 36, 70

– Italy 6, 9, 10, 12, 15, 16, 26, 28, 32, 33, 36, 37, 69, 70, 71, 72, 73, 74, 77

– – Cassa Depositi e Prestiti 72

– Luxembourg 40, 41, 43, 44, 47, 50, 51, 57, 62

– Malta 15

– Netherlands 10, 15, 18, 27, 71, 73, 76

– Portugal 10, 15, 19, 36, 70

– Romania 9, 14, 15, 18, 29, 32, 36, 70

– Spain 6, 10, 12, 15, 17, 18, 27, 36, 69, 70, 71, 73, 75, 76, 77

– – Comision Nacional de los Mercados y la Competencia 75

– Sweden 31, 76

– Turkey 10, 29, 32, 36, 80, 81, 84

– United Kingdom (UK) 6, 9, 10, 12, 15, 17, 26, 27, 29, 32, 36, 52, 54, 55, 69, 70, 72, 74, 76, 77

European Union 17, 18, 27, 60, 69, 70, 71

– European Commission 17, 69

Expeto 49

F

Facebook 74, 84

– WhatsApp 86

FixStream Inc. 52, 55

Formula One 37, 56, 75

G

Gaelic Athletic Association (GAA) 59

Gemalto NV 57, 58

Ghana Telecom

– Onetouch 58

Goldman Sachs 16

Google 58, 63, 74, 77

– Android 36

– Android Market 77

Groupon Inc. 14

GSM Association (GSMA) 87

– Mobile World Congress 40

H

HMY Group 58

Hogg Robinson Group

– HRG Worldwide 57, 58

Home Box Office 75

Huawei Technologies 19, 29, 32, 33, 34, 46, 56, 57, 58, 59, 82, 83

Hutchison Whampoa

– Vodafone Hutchison Australia Pty Ltd (VHA, (see Vodafone) 29, 79, 82, 83

I

IBM 74

Iliad 12, 69, 71, 73

Indus Towers 7, 8, 22, 23, 24, 80

Infosys Technologies 35

Invitation Digital 14

ITV 54

J

Juniper Networks 58

K

Kathrein-Werke 58

Kenya Commercial Bank 87

KPMG International 28, 58

L

LG Electronics 58

Liberty 56

Liberty Global 6, 14, 19, 24, 56, 71

– UPC Germany GmbH

– – Unitymedia GmbH 14, 17, 19, 71

– Virgin Media 27

– Ziggo 73

Local Backhaul Networks, LLC 49

M

Mace Productions 58

machineOS Ltd 55

Magyar Telekom (see DT) 18

Mahindra Group

– Tech Mahindra 51, 52, 53, 54, 55, 58, 60

Market segments

– Fixed broadband 75, 83

– Mobile broadband 31, 69

– Mobile data 69, 77, 88

– Mobile virtual network (MVNA/MVNE/MVNO) 32, 83

– M-payment 45

– Network-sharing 19

– Outsourcing 23

– Small- to medium-size enterprise (SME/SMB) 76, 77

– Value-added services (VAS) 14

– Voice 17, 69, 74, 76, 77, 85

Metroweb S.p.A. 73

Microsoft 35, 58, 76, 77

– Office 77

– Office 365 77

– Skype 35

Middle East 27, 81

– Dubai 35, 89

– Egypt 10, 66, 80, 81

– Iran 15

– Israel 52, 55

Millicom International Cellular 88

– MIC Tanzania Limited (tiGO/ Mobitel/Buzz) 87, 88

– Tigo Ghana 87, 88

Mirambo Ltd 88

Morgan Stanley 16

Motorola Mobility Holdings Inc. 76

N

Naspers Limited (MIH Group) 89

National Audit Office 76

NCR 27

Neotel (Pty) Ltd (SNO Telecommunications, see also Reliance) 86

Netflix Inc. 75, 89

Nokia 27, 28, 33, 46, 56, 57, 58, 59, 84

Nokia Solutions & Networks 28

NTT 35, 58

– Dimension Data 58

O

Old St Labs 49

Open Network Automation Platform 34

Oracle 38

Orange

– Orange 35, 50, 55, 71, 75, 76, 77

– Spain 71, 75, 76, 77

– UK (see EE) 54, 76

Organisation for Economic Co-operation and Development (OECD) 69

OTE (Hellenic Telecom. Org. SA, see DT) 18

P

Permira

– Genesys Telecommunications Labs 76

PGG Wrightson Limited 85

Power HF Co., Ltd 58

Providence Equity Partners 22

PT Excelcomindo Pratama Tbk (XL) 73

PwC 58

R

RichWeb Media Ltd

– Broadband Expert 20

Riverbed Technology 35

Robey Warshaw 16

S

Safaricom 28, 81, 86, 87, 89, 90

– M-PESA 86, 89, 90

Safran Group 57, 58

– Morpho 58

Samsung 27, 46

SAP 58

SEMrush 14

SERCOMM Corp. 57, 58

SES 62

SIAE MICROELETTRONICA 57, 58

Sky Network Television 28, 85

Slaughter and May 16

Smart Telecom 88

Sprint Nextel 29

STMicroelecronics 58

Swisscom

– Fastweb 71

T

TalkTalk Telecom Group plc 54

Tata Group 27, 58

– Tata Communications 27

– – Neotel (see separate listing) 86

– Tata Consultancy Services 58

TCL Communication 58

TCL Communications

– TCT 58

Technology

– 2.5G 82

– 2G 82

– – GSM 87

– 3G

– – Evolved HSPA (HSPA+/I-HSPA)

– – – MIMO 30, 33, 82

– 4G 10, 30, 32, 33, 49, 59, 82

– – Long Term Evolution (LTE) 15, 76

– 5G 10, 12, 15, 25, 30, 31, 32, 33, 34, 35, 52, 59, 82

– AI 40, 43, 54, 55, 63, 65, 66, 67

– Cloud computing 11, 12, 14, 25, 27, 33, 34, 35, 38, 54, 55, 58, 60, 61, 76, 77, 84

– DSL 33, 85

– EPON 20

– Ethernet 20

– Fibre 15, 18, 19, 20, 25, 28, 29, 30, 31, 71, 72, 73, 77, 83, 85, 86, 87

– – FTTP 72, 73

– FTTH 15, 19, 20, 86, 87

– GPON 20

– IoT 40, 44, 49, 52, 53, 59

– IP 32, 54, 55, 76, 84

– Linux 34, 54

– Narrow Band Internet of Things (NB-IoT) 33

– NGN 15

– NOC 90

– Open-source 54

– PC 14, 28, 40, 41

– R&D 47

– RF 32

– SIM 74, 77

– SIP 76

– Smartphone 15, 33, 36, 43, 66

– SMS 69, 87

– Spectrum 12, 30, 31, 33, 82, 88

– – 700 MHz 12, 82

– – 800 MHz 33

– – 850 MHz 82

– – 900 MHz 82, 88

– – 1800 MHz 82

– – 2100 MHz 82

– – 2500 MHz 82

– – Advanced Wireless Services (AWS) 35, 38

– Tablet 33, 77

– TDM 76

– ULL 18

– VDSL 15

– VoIP 85

– W-LAN 49, 89

Technoport SA 40

Telecom Infra Project 54

Telecom Italia 9, 35, 71, 72, 73

– Telecom Italia Mobile 35

Telefónica Group 29, 48, 54, 69, 75, 76, 77

– Europe 54

– – Czech Republic 69

– – España 75, 76

– – UK 29, 54

– Movistar 75, 77

Telekom Malaysia 28

TeleManagement Forum

– TM Forum 34

Telenor ASA 87

Telepizza 27

Teleste 69

– Cableway 69

Time Warner

– CNN 87

Tinizine Ltd

– Azoomee 49

Twenty-First Century Fox

– Sky

– – Sky Italia 73

U

UBS 16

UEFA 75

– Champions League 75

Unilever 26, 28

UPC 14, 16, 29

V

Verizon Communications 17, 24, 35, 38

– Verizon Wireless 16, 17, 24

Vivendi 72

Vodacom Group 10, 15, 28, 29, 79, 80, 81, 86, 87, 88, 89

– Congo 29

– Ex-executives

– – Mare, Dietlof 29, 87

– Gateway Communications 84

– Group 28, 79, 80, 81, 86, 88, 89

– South Africa 15, 29, 59, 66, 77, 80, 86, 87, 89

– Tanzania 29, 81, 86, 87, 88

– Vodacom Business 28

Vodafone

– Africa, Middle East, and Asia Pacific Region (AMAP) 7, 8, 10, 17, 28, 78, 79, 80, 81

– – Africa 8, 17, 27, 28, 78, 79, 81, 86, 87, 89

– – Asia 28, 50, 81, 87

– – Australia 18, 28, 29, 59, 79, 82, 83

– – – VHA Pty. Ltd (see Hutchison Whampoa) 29, 79, 82, 83

– – Egypt 10, 66, 80, 81

– – Ghana 58

– – India 7, 8, 9, 10, 12, 15, 16, 22, 23, 24, 27, 52, 53, 64, 79, 80, 81, 83, 84

– – – Indus Towers 7, 8, 22, 23, 24, 80

– – Kenya (see Safaricom) 28, 66, 81, 86, 87, 89, 90

– – Middle East 27, 81

– – New Zealand 15, 27, 28, 29, 59, 81, 83, 85

– – Pacific 28

– – Qatar (see Vodafone and Qatar Foundation and Vodafone Qatar) 29, 81

– – South Africa (see Vodacom) 10, 15, 28, 29, 59, 66, 77, 79, 80, 81, 86, 87, 88, 89

– – Turkey 10, 29, 32, 36, 80, 81, 84

– Africa, Middle East, and Asia-Pacific Region (AMAP)

– – New Zealand

– – – BayCity Communications (Farmside) 85

– Board of Directors

– – Kleisterlee, Gerard 26

– Europe Region 7, 14, 15, 27, 29, 36, 68, 69, 70, 81, 83

– – Albania 15, 28, 36

– – Czech Republic 9, 14, 15, 18, 28, 69

– – Germany 7, 9, 10, 11, 12, 14, 15, 17, 18, 19, 28, 30, 33, 35, 36, 38, 69, 70, 71, 73, 77, 79

– – – KDG Holding GmbH (Kabel Deutschland) 14, 17, 18, 19, 69, 70

– – Greece 10, 15, 18, 28, 36, 69, 70

– – Hungary 9, 14, 15, 18, 28, 69

– – Ireland 15, 29, 36, 70

– – Italy 6, 7, 9, 10, 12, 15, 16, 26, 28, 32, 33, 36, 37, 69, 70, 71, 72, 73, 74, 77, 79, 84

– – Malta 15, 27, 28, 66

– – Netherlands 8, 10, 15, 18, 71, 73, 76

– – – VodafoneZiggo 8, 10, 15, 16, 18, 73, 76

– – Portugal 10, 15, 19, 36, 70

– – Romania 9, 14, 15, 18, 29, 32, 36, 70

– – Spain 6, 7, 10, 12, 15, 17, 18, 19, 27, 29, 36, 69, 70, 71, 73, 75, 76, 77, 79

– – – Grupo Corporativo Ono (ONO) 16, 17, 18

– – UK 6, 7, 9, 10, 11, 12, 15, 17, 26, 27, 29, 32, 36, 38, 52, 54, 55, 69, 70, 71, 72, 74, 76, 77, 79

– – – Cornerstone Telecommunications Infrastructure Ltd 29

– Executives

– – Baumgarten, Hendrik 28

– – Coimbra, António 29, 75

– – Colao, Vittorio 6, 8, 11, 14, 16, 17, 18, 24, 25, 26, 27, 30, 31, 32, 33, 36, 37, 38, 41, 44, 71, 72, 73, 74, 81, 92

– – Cooper, Richard 27

– – Cramer, Warrick 41, 45, 62

– – Della Valle, Margherita 26, 27

– – Dvorak, Petr 28

– – Essam, Ahmed 71

– – Hernandez, Sonia 28, 66

– – Johnson, Paul 27

– – Joosub, Shameel 86, 88, 89

– – Kaushal, Nitu 27

– – Lakuriqi, Jonida 28

– – Liebenberg, Deon 28

– – Lloyd, Dan 79

– – Meijer, Iris 27

– – Migliarina, Giorgio 28

– – Millroy, Kevin 82

– – Moaz, Mohamed 28

– – Nelson, Amanda 28

– – Paris, Jason 27

– – Pasquali, Gianluca 28

– – Popa, Tiberius 29

– – Read, Nick 6, 17, 23, 24, 27, 44, 71, 81

– – Ribas, Santi 27

– – Ripepi, Alberto 27

– – Roberts, Rob 27

– – Saad, John 81

– – Schellekens, Ronald 65

– – Schultz, Detlef 56

– – Shaw, Steve 28

– – Spink, Martin 27

– – Stanners, Russell 28, 85

– – Streichert, Till 88

– – Timuray, Serpil 37

– – Valente, Felice 28

– – Vishant, Vora 84

– – Wibergh, Johan 31

– – Williams, Matt 28

– – Wilson, Ninian 41, 64

– Ex-executives

– – Combes, Michel 29

– – Gent, Christopher 25

– – Handley, Chris 29

– – Sarin, Arun 25, 26

– – Solomon, Liliana 29

– Group 7, 8, 10, 24, 27, 34, 35, 38, 44, 53, 59, 92

– – Headquarters 77

– – Partner Markets 27, 40

– – – Belgium (Proximus) 43

– – – Kenya (Safaricom) 28, 81, 86, 87, 89, 90

– – – United Arab Emirates (du) 35

– – R&D

– – – Competence Centre 74

– – Strategy

– – – Supermobile 25

– – Vodafone Carrier Services 27

– – Vodafone Global Enterprise (VGE) 27, 29

– – Vodafone Procurement Company (VPC) 27, 28, 40, 41, 42, 44, 47, 56, 57, 59, 64, 66

– – – Tomorrow Street 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 55, 56, 57, 58, 60, 62, 64, 65, 66, 67

– – – Vodafone Roaming Services 27

– Investments & Associates

– – Americas (see Verizon Wireless) 16, 17, 24

– Products

– – Business 84

– – Europe 15, 70

– – Liberty (Malta) 6, 9, 14, 16, 17, 18, 19, 20, 24, 71

– – live! 34

– – My Vodafone 37, 74

– – One 75

– – Red 36, 76, 77, 89

– – Terminals

– – – 340 15

– – V by Vodafone 14

– – Vodafone Digital Marketplace 77

– Project Spring 25, 58, 81, 83

Vodafone Qatar Q.S.C. 29, 81

W

Webhelp SAS 58

World Wide Technology, Inc. 58

WPP 37, 57, 58

X

Xiaomi Inc. 58

Z

ZTE Corp. 15

About

About Vodafonewatch

Report: #165
Published: May/June 2018
Next report: July 2018
For more information visit: Vodafonewatch