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Spain’s second largest telecom group Vodafone-ONO will cut up to 1,300 jobs (40 per cent from Vodafone and 60 per cent from ONO) following last year’s acquisition of the country’s largest cable operator ONO.
The company will hold talks with unions during September to discuss the cut of its workforce. The company cited the ONO takeover, falling sales and profit in Spain and increased investments as reasons for the need for reductions. It has about 6,000 workers in the country.
Vodafone agreed to buy ONO for €7.2 billion last year to add broadband and cable services to its Spanish wireless business. .
Service revenue in Spain, the sales Vodafone gets from selling plans and access to its network in the country, declined 5.5 per cent last quarter from a year earlier. Sales from mobile plans fell 9.5 per cent in the quarter while so-called fixed services, such as broadband, grew 4.2 per cent.