Vodafone Completes a € 5 Billion Spanish Business Sale Transaction

Vodafone Group has completed a transaction to sell its Spanish business to Zegona Communications for 5 billion euros, a process that began at the end of 2023 and will end the direct presence of the British telecommunications group in Spain.
The transaction includes 4.1 billion euros in cash and 900 million euros in redeemable preferred shares. Vodafone and Zegona Communications both stated in their respective statements that their enterprise value exceeded various profit indicators in the year ending September 2023.

Zegona Communications previously announced that former CEO of Euskaltel, Jose Miguel Garcia, would be responsible for the Spanish business. It stated that this appointment will bring together “a team with a successful record in the transformation of Spanish telecommunications operations”.
Vodafone explained that it will continue to operate in Spain through a service agreement with Zegona and an innovation center located in Malaga.
Zegona Communications pointed out that the ten-year new network access agreement signed earlier this week with Spanish fiber optic operator Finnetwork “demonstrates our ability to quickly advance our clear strategy” because it believes it has the ability to improve the performance of Vodafone’s Spanish business and bring value to shareholders.