Vodafone has sold its home in Spain to Zegona Communications for 5 billion euros (about R$ 26.82 billion). The change was announced on Tuesday, 10/31.
According to the agreement, Vodafone will receive around 4.1 billion euros in cash. In addition, the English telecommunications company will provide 900 million dollars in financing, by redeeming preferred stock, to buyers.
Also in the United Kingdom, Zegona confirmed in September that it is interested in Vodafone Spain and is trying to raise the necessary capital from financial institutions to present the purchase.
“The sale of Vodafone Spain is important in optimizing our portfolio for growth and will allow us to focus our resources on the business with the right model,” said the CEO, Margherita Della Valle, in a document that the company has confirmed. sales of the organization.
Even if the Vodafone Group leaves the Spanish market, the brand should still be seen in the country for some time. The agreement between the companies provides a license to use the Vodafone brand from Zegona for up to ten years after the deal is completed.
The parties also announced that they will close agreements for a number of services, including access to shopping with suppliers, the Internet of Things (IoT), mobile roaming and user services. service Completion of the transaction is subject to the approval of Zegona’s shareholders and regulatory authorities. The hope is that the agreement will be approved in the first half of 2024.
“This attractive acquisition makes our third agreement in Spain, after the success of Telecable and Euskaltel. With our clear strategy and proven track record, we are confident that we can create great value for shareholders,” said Eamonn O’Hare, CEO of Zegona.
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