Vodafone to Sell Spanish Unit to Zegona Communications for Up to $5.3 Billion

By Elena Vardon

Vodafone Group has agreed to sell its Spanish unit to Zegona Communications for at least 4.1 billion euros ($4.35 billion) in cash and up to EUR900 million in redeemable preference shares.

The U.K.-based telecommunications group on Tuesday said that as part of the deal, it also entered an agreement with the European telecommunications investment company for Vodafone to provide certain services to Vodafone Spain for a charge of around EUR110 million a year.

The transaction is set to complete in the first half of 2024, subject to certain approvals from shareholders and regulatory clearances.

Write to Elena Vardon at elena.vardon@wsj.com

This article was corrected at 0801 GMT to reflect Vodafone Group has agreed to sell its Spanish unit to Zegona Communications for at least 4.1 billion euros ($4.35 billion) in cash and up to EUR900 million in redeemable preference shares. The original version incorrectly said the transaction was for up to EUR900,000 million in redeemable preference shares in the first paragraph.

(END) Dow Jones Newswires

October 31, 2023 03:31 ET (07:31 GMT)

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