Vodafone announced that the sale of Vodafone Spain to Zegona Communications has received final approval from the Spanish authorities.
Vodafone Spain has reported sales revenue of €3.846 billion during fiscal 2023-24. Vodafone Spain’s revenue declined by 1.6 percent due to lower service revenue. Service revenue declined by 2.4 percent (Q3: -1.1 percent, Q4: -2.9 percent) due to price competition in the Consumer value segment, a lower customer base and a reduction in mobile termination rates.
Vodafone will provide certain services to Vodafone Spain after completion of the transaction. Vodafone will continue to have a presence in Spain through its Innovation Hub in Malaga.
Vodafone Group recorded a non-cash charge of €345 million, included in discontinued operations as a result of the re-measurement of Vodafone Spain to fair value less costs to sell.