Voda sells Malta arm

VODAFONE has sold its Malta business for £213m.

The telecoms group said the division had been bought by Monaco Telecom.

After the deal, the Maltese business will continue to trade under the Vodafone brand for a limited, ‘transitional’ period.

The takeover must also win regulatory approval from the Malta Communications

Authority. It is expected to complete during the first quarter of 2020.

Vodafone boss Nick Read is examining ways to spin off parts of the business to reduce the company’s debt pile. It sold its subsidiary in New Zealand earlier this year. Shares were up 0.5pc, or 0.7p, to 151.2p at the close yesterday, despite earlier falls.