Vodafone Group Plc has received final approval from the Spanish authorities for the sale of Vodafone Spain to Zegona Communications plc. The sale is expected to be completed by the end of May 2024, with Vodafone set to receive €4.1 billion in cash and €0.9 billion in the form of Redeemable Preference Shares. Following this, Vodafone intends to commence an initial €500 million share buyback program on 15 May 2024, as part of its plans to return €2.0 billion over 12 months.
Vodafone is a leading European and African telecoms company, providing mobile and fixed services to over 330 million customers in 15 countries. The company also partners with mobile networks in 43 more countries and has one of the world's largest IoT platforms. Vodafone's purpose is to connect for a better future by using technology to improve lives, businesses, and help progress inclusive sustainable societies. The company is committed to reducing its environmental impact to reach net zero emissions by 2040.
Zegona Communications plc, the buying entity, was established in 2015 with the objective of investing in businesses in the European Telecommunications, Media, and Technology sector and improving their performance to deliver attractive shareholder returns. Zegona is led by former Virgin Media executives Eamonn O'Hare and Robert Samuelson.
The announcement contains forward-looking statements and important notices regarding the transaction, including potential risks and uncertainties. Recipients are advised not to rely on such forward-looking statements, and the parties undertake no obligation to update these statements. The press release is for information purposes only and does not constitute an offer to sell, dispose, acquire, purchase, or subscribe for any securities of any companies mentioned herein in any jurisdiction.