Vodafone has sold its Spanish operation to Zegona Communications for $5.4 billion
Vodafone Group completed the sale of its Spanish operation to Zegona Communications for $5.4 billion. The deal, which was first revealed late last year and approved two weeks ago, marks the end of Vodafone’s presence as a telco in Spain.
However, according to a press statement, Vodafone will continue to operate its innovation hub in Málaga. Further, as part of the agreement, Zegona will have access to this hub, as well as receive undisclosed services from the U.K. company.
Back in 2023, Margherita Della Valle, chief executive of Vodafone, said of the deal: “The sale of Vodafone Spain is a key step in right-sizing our portfolio for growth and will enable us to focus our resources in markets with sustainable structures and sufficient local scale. I would like to thank our entire team in Spain for the dedication to our customers and relentless determination to improve our organic performance. However, the market has been challenging with structurally low returns.
“My priority is to create value through growth and improved returns. Following the recently announced transaction in the UK, Spain is the second of our larger markets in Europe where we are taking action to improve the group’s competitiveness and growth prospects.”
Previously, Zegona shared that former Euskaltel CEO Jose Miguel Garcia will lead the new Spanish business.
