Vodafone's Spanish arm sold to Zegona for $5.3 billion
Vodafone has agreed to sell its Spanish business to Zegona Communications for €5 billion ($5.3 billion) as part of CEO Margherita Della Valle's efforts to revamp the company. The sale will allow Vodafone to focus its resources on markets with sustainable structures and sufficient local scale. The deal includes €4.1 billion in cash and €900 million in financing. Vodafone has struggled to grow in the highly competitive Spanish market, and this transaction is part of the company's plan to streamline its assets. Zegona, a British company, will fund the deal through new debt, Vodafone financing, and an equity raise.