Vodafone Group completed a sale of its Spanish operation to Zegona Communications for €5 billion, concluding a process commenced in late 2023 which ends the UK group’s direct presence in the country.
The deal involves a €4.1 billion cash element and €900 million in redeemable preference shares. In their respective statements, Vodafone and Zegona Communications each noted the enterprise value was higher than various earnings metrics for the year to end-September 2023.
Zegona Communications previously announced former Euskaltel CEO Jose Miguel Garcia (pictured) will head up the Spanish business: it stated the appointment reunites “a team that has a proven track record of highly successful operational transformations in Spanish telecoms”.
Vodafone explained it would still have a presence in Spain through a service arrangement with Zegona Communications and an innovation hub in the city of Malaga.
Zegona Communications noted a renewed, ten-year network access deal signed with Spanish fibre player Finetwork earlier this week “demonstrates our ability to move swiftly on our well-defined strategy”, as it argued the case for its ability to boost the performance of Vodafone Spain and deliver shareholder value.
The post Vodafone, Zegona seal Spanish deal appeared first on Mobile World Live.
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