The five billion euro deal which sees UK-based investment firm Zegona Bidco acquire 100% of Vodafone Spain has been green-lit by the Spanish Government.
Zegona Bidco is a fully owned subsidiary of Zegona Communications.
The deal will be financed with a combination of debt and equity.
To get the deal done, Zegona made a number of undertakings, including service continuity, future investments and financial solvency.
Zegona can use the Vodafone brand in Spain for ten years.
Spanish minister of Digital Transformation José Luis Escrivá said: “The telecommunications sector is in a moment of profound reorganisation, and it is the obligation of the public powers to guarantee that this strategic service is not only assured, but that it is reinforced when a major business operation occurs.”
The plan is that Vodafone will reach 82% of the population and a total of 2,700 municipalities with its 5G service by the end of this year. This, said Vofafone, exceeds the committed deployment obligations.