VOD Ups Panafon Stake

LONDON -- Vodafone Group Plc ("Vodafone") announces today that it has entered into an agreement to acquire from Intracom S.A ("Intracom") 51,250,000 shares in Vodafone-Panafon Hellenic Telecommunications Company S.A. ("Panafon"). The shares to be acquired represent 9.433% of the outstanding shares of Panafon. The consideration will be €6.18 per share in cash, representing a total consideration of €316.725 million and will be satisfied from existing cash resources.

As a result of this transaction, Vodafone's effective shareholding in Panafon will increase from 65.362% to 74.795%. The transaction will be executed as a block trade in accordance with the rules and regulations of the Athens Exchange. Panafon and Intracom expect to continue their cooperation in the Greek market.

Vodafone Group plc