Advanced Television

Vodafone to pay €55m to former ONO execs

December 3, 2019

From David Del Valle in Madrid

The bill for Vodafone’s acquisition of ONO continues to increase following the Spanish Courts decision obliging Vodafone to pay huge bonuses to ONO’s former executives.

The Courts have ruled that Vodafone must pay up to €55 million to the former directive board of ONO in compensation for the executives bonuses that the company refused to pay after firing them for alleged irregularities in VAT within the international business.

Thus, Vodafone will have to pay up to €18 million to ONO’s former CTO Carlos Sagasta; €30 million to ONO’s former president, José María Castellano and €7 million to the former business director.

This is just the latest setback for the company which is suffering from tough competition in the market following the entry of new telco operators (MásMóvil and Euskaltel), as well as its ongoing rivalries with Movistar and Orange.

Categories: Articles, M&A, Policy, Regulation, Telco