Vodafone AirTouch PLC
Chris Gent, Chief Executive:
"Over the past year, we have greatly enhanced the growth potential and
competitiveness of Vodafone through significant strategic moves, and Goldman Sachs has
played an essential part in our success. We first sat down together in 1998 to discuss how
Vodafone could move from regional to global leadership in mobile communications. Gaining a
strong footprint in the U.S. market was a requisite. Goldman Sachs helped us to construct
alternative scenarios and acted as an objective sounding board as we worked through the
decisions. The firm indicated that a merger with AirTouch would be well received by the
publicand that turned out to be the case. The firm also took the lead in raising $10
billion to finance the merger. The scale and scope of Vodafone AirTouch immediately
enhanced our purchasing power, diversified our asset base and strengthened our financial
resources. It gave us much greater growth prospects in both voice and data communications,
which was demonstrated in our next stepreaching an agreement with Bell Atlantic
Corp. to set up a venture that will be the third largest wireless company in the world. As
we continue to develop and roll out our strategy for global expansion, I value the
relationship between our team and Goldman Sachs."
- Goldman Sachs acted as sole financial advisor to Vodafone in its merger with AirTouch
Communications, Inc. to form Vodafone AirTouchone of the worlds leading mobile
communications companies. Valued at $125 billion at closing, this was the largest
cross-border merger ever.
- Goldman Sachs was joint bookrunner and joint lead arranger of a $10 billion senior
credit facility for Vodafone to finance costs related to the merger with AirTouch. These
were among the largest syndicated European bank facilities and stand-alone wireless
- Goldman Sachs served as sole financial advisor to Vodafone in the combining of its U.S.
wireless properties with those of Bell Atlantic Corp. to form the largest U.S. mobile
communications operator. Valued at approximately $80 billion at signing, this was the
largest joint venture transaction ever.
- Goldman Sachs served as sole financial advisor to Vodafone in the sale of its stake in
German mobile operator E-plus Mobilfunk GmbH to BellSouth Corp. for $1.8 billion.