Vodafone Group PLC, through its indirect unit Vodafone Europe BV, agreed to sell the whole of Vodafone Malta Ltd. to Monaco Telecom SAM for an enterprise value of €250 million.

The transaction's completion is expected in the first quarter of 2020, subject to approval by the Malta Communications Authority. Vodafone Malta will continue to operate under the Vodafone brand following the deal.

Vodafone in 2017 dropped plans to merge Vodafone Malta with fellow telecom operator Melita PLC, after the deal failed to get approval from the Malta Competition and Consumer Affairs Authority.

Monaco Telecom is owned by the government of Monaco and telecom investor NJJ Telecoms. The latter is an investment vehicle owned by French businessman Xavier Niel, who founded telecom operator Iliad SA, City A.M. reported.