Green light from the National Markets and Competition Commission (CNMC) for the purchase of Vodafone Spain by the British fund Zegona. An operation closed at 5,000 million euros, as the regulator wrote in a statement published this Thursday.
Although the CNMC has given its approval to this operation, there are still two obstacles for the Government to approve it: the first exam it has to pass is at the Secretary of State for Telecommunications, and then it will be the Council of Ministers who finish definitively authorizing this purchase. While waiting for this operation to be completed, the British operator continues to operate normally and has announced its return to marketing football in bars.
At the same time, the regulator considers that the activities of both companies do not overlap “neither horizontally nor vertically” in Spain, given that the operator “is not currently present in the national market.”
“The operation consists of the acquisition by Zegona Communications (Zegona) of exclusive control of Vodafone Holdings Europe (Vodafone), which in turn allows it to acquire control of its respective subsidiaries: Vodafone Spain, Vodafone ONO, Vodafone Servicios and “Vodafone Energy,” the CNMC stated in the statement.
This operation includes the purchase of 100% of Vodafone’s Spanish assets, at a cost of 5,000 million euros. Of the total, 4.1 billion will be paid in cash and the remaining 900 in preferred shares, the reimbursement of which will not exceed six years from the closing of the purchase.
Green light from shareholders
Zagona’s acquisition of Vodafone, which began at the end of October last year, has already been approved by the company’s shareholders. Furthermore, this Wednesday the news came out that Brussels gave its approval to this procedure. Despite this, the British operator believes that it does not need authorization from the European Union.
In the statement published this Thursday, the organization recalls that Zegona is a company that functions as an investment vehicle in the European technology, media and telecommunications sector. Nine years ago, the British operator acquired stakes in the Telecable de Asturias company in Spain and, two years later, in 2017, in Euskaltel. The last move it made in Spain was in 2021, when the British fund sold all its holdings in Spain to MásMóvil.
“The sale of Vodafone Spain is a key step in sizing our portfolio for growth and will allow us to focus our resources on markets with sustainable structures and sufficient local scale,” said Vodafone CEO Margherita Della Valle on the day the purchase was announced.
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