According to the company's statement, the value of the acquisition will reach 5 billion euros, consisting of 4.1 billion euros in cash and approximately 900 million euros in redeemable preference shares.
The acquisition of Vodafone Spain is expected to be completed in the first half of 2024, subject to the receipt of necessary approvals.
Following the completion of the transaction, Vodafone and Zegona will enter into a brand licensing agreement, which will allow Zegona Communications to use the Vodafone brand in Spain for a period of 10 years.
In the statement, Vodafone Chief Executive Officer (CEO) Margherita Della Valle noted that the sale of Vodafone Spain is an important step toward right-sizing the company's portfolio for growth.
Stating that they will thus focus on markets with sufficient local scale, Valle said, "The market is experiencing a challenging period with structurally low returns. My priority is to create value through growth and improved returns."
News Source: 12punto
