british past Zegona Vodafone received authorization from the National Markets and Competition Commission (CNMC) to acquire Spain for 5 billion euros. The fund also needs approval. minister councilUnder the manager’s foreign investment regime. The company’s goal is to close the operation First trimester of this year.
It was almost a mere procedure for the operation to be approved by the Spanish competition authority; because, as explained in a statement, the activities of the two companies “do not overlap either horizontally or vertically in Spain, as Zegona is not currently present on the Spanish market”. Therefore, the concentration does not “significantly change” the transaction market structure affected, only one produced change of ownership control of Vodafone’s control in Spain”. In this way, Zegona first stage authorization without conditions.
Zegona plans to protect the Vodafone brand and its goal is to return the company to its growth path. “simplify work” “reduce complexity and increase productivity” and “stabilize income. HE british past He is an old acquaintance in Spain; It acquired the Asturias cable operator in 2015. telewired A company that will buy it later for 640 million euros Euskaltel For 686 million euros in 2017.
It ranked first in Euskaltel, reaching a share of 21.4 percent. largest shareholder A company that it ceased to be a part of after being acquired by MásMóvil in 2021. This is Zegona’s ‘modus operandi’: buy businesses in the telecommunications, media and technology sectorbuy, repair and sellTo offer “attractive returns to shareholders,” according to the British fund’s statement on its website.
The enormous competitive pressure of the telecommunications market in Spain forced Vodafone lose many customers In favor of low-cost operators. Spanish subsidiary makes some records service revenues 3,514 million in the fiscal year (those directly related to telecommunications services and those that better measure the development of the business), 5.4% less compared to the previous year. This caused the company to consider selling it.