(Alliance News) - Telecommunications provider Vodafone Group PLC on Monday said it has struck an agreement with Accenture to form a new shared services joint venture.
The Dublin-based consulting firm will invest EUR150 million to take a minority interest in the new shared services entity. The size of the minority interest was not disclosed. Newbury, Berkshire-based Vodafone said it will retain a majority interest and management control of the joint venture.
Vodafone said the new partnership will build upon its current Vodafone Intelligent Solutions business "to create a scaled, commercially driven and more efficient organisation".
"The partnership with Accenture opens up new opportunities for our company and our people," explained Vodafone Chief Executive Officer Margherita Della Valle. "We're excited about the potential of our new commercial shared services organisation and the potential to serve not only Vodafone's own markets but our Telco partners across the industry."
Vodafone said it has signed a memorandum of understanding with Accenture, with definitive agreements expected to be signed in the spring of 2024.
Vodafone shares were up 1.7% at 77.71 pence on Monday morning in London.
By Tom Waite, Alliance News editor
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Vodafone (VOD)