Vodafone completes the sale of its Spanish operations for £4.3 billion

Economy
By Liam
  • The division has been sold to London-based telecom investor Zegona

By city and financial reporter

Updated:

Vodafone has completed the sale of its Spanish operations for £4.3 billion, paving the way for its proposed merger with rival Three.

The division has been sold to London-based telecom investor Zegona.

Vodafone CEO Margherita Della Valle is leading a turnaround plan and is looking to simplify operations to improve performance.

Simplifying operations: Vodafone CEO Margherita Della Valle leads a turnaround plan

Last year the telecoms giant also shed its Hungarian and Ghanaian divisions and sold its stake in phone mast company Vantage Towers for £7.4 billion.

Vodafone shares closed 1.1 percent higher at 75.62p yesterday. Zegona shares fell 2.3 per cent to 254p.

Eamonn O’Hare, chairman and CEO of Zegona, said he looked forward to “transforming the (Spanish) business and returning it to growth.”

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