The deal was first confirmed last October
This week, Zegona’s acquisition of Vodafone Spain has received approval from Spanish regulators.
The Spanish government’s Council of Ministers has approved the deal “in respect of foreign direct investment into Spain,” said UK-based Zegona in a press release this morning.
Back in October, Vodafone announced that it had entered into a binding agreement with Zegona to sell 100% of their stake in Vodafone Spain for €5 billion.
“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,” said Vodafone CEO Margherita Della Valle in a statement.
“I would like to thank our entire team in Spain for their dedication to our customers and relentless determination to improve our organic performance. However, the market has been challenging with structurally low returns,” she continued.
The acquisition is scheduled to take place on 31 May, when Vodafone will receive €4.12 billion in cash and €900 million in redeemable preference shares.
