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Tag: Vodafone

Colao to step down from Vodafone after 10 years in charge

Colao to step down from Vodafone after 10 years in charge

Business
Vodafone's chief executive Vittorio Colao will step down on October 1 after more than 10 years in charge of the world's second-largest mobile phone company. Nick Read, group chief financial officer, who will become chief executive designate from July 27, will replace Mr Colao.Under Mr Colao's tenure, Vodafone sold its joint venture with Verizon for $ 130bn and merged its business in India with Idea Cellular.Last week, Vodafone agreed to buy Liberty Global's cable operations in four European countries for £16.1bn as the mobile phone operator extends its reach to 110 million homes and businesses by offering fixed-line and TV services.Vodafone group chairman Gerard Kleisterlee said: "I would like to express our gratitude to Vittorio for an outstanding tenure."He has ...
Vodafone snaps up cable operators in €18bn deal

Vodafone snaps up cable operators in €18bn deal

Business
Vodafone has agreed to buy Liberty Global's operations in four European countries in a deal worth €18.4bn (£16.1bn).The deal sees the UK-based telecoms giant take control of cable operators in Germany, the Czech Republic, Hungary and Romania.Shares rose 1% in early trading.Vodafone said the "transformative" purchase, which adds to existing operations in Germany and Spain, would make it the leading "next generation network" in Europe with 54 million cable and fibre homes on its network.Including partnerships and wholesale arrangements, the deal will give Vodafone a reach of 110 million homes and businesses, it said.The widely-anticipated deal shifts the balance of mobile operator Vodafone's revenues and earnings further towards fixed line and TV services and also means that Europ...
Audit firms on alert over Vodafone 'conflict'

Audit firms on alert over Vodafone 'conflict'

Business
Vodafone has alerted the world's biggest accountancy firms that it may be forced to tender its multimillion pound audit contract because of the 2014 collapse of Phones 4U.Sky News has learnt that the FTSE-100 mobile phone giant has told Deloitte, EY and K‎PMG in the last few weeks that it may ditch PricewaterhouseCoopers (PwC) amid the threat of litigation over the retailer's demise.A source close to Vodafone said it had had asked three of the "big four" auditors to free themselves from potential conflicts that would prevent them pitching for the role sometime next year.One insider emphasised this weekend that the company had made no decision to remove PwC but was taking the necessary preparatory steps in case it found itself forced to switch auditor.The problem has arisen because of PwC's