Spain okays Zegona’s Vodafone acquisition
May 14, 2024
From David Del Valle in Madrid
The Spanish cabinet has approved the acquisition of Vodafone España by UK investor Zegona in a €5 billion deal.
The greenlight comes soon after the go ahead to the Orange-MásMóvil merger to create MásOrange – which has become the leading national operator in broadband and mobile customers – and as the State has taken a 10 per cent stake in Telefónica. With the authorisation, Zegona-Vodafone becomes the third largest operator with a 16 per cent market share in broadband.
The minister of Digital Transformation, José Luis Escrivá, points out that the approval is conditional on Zegona investing in networks and 5G infrastructure and maintain its technological assets.
“The telecommunications sector is facing a deep reorganisation and it is a public obligation guaranteeing this strategic service,” he said.