Zegona Communications has confirmed reports it is in talks to buy Vodafone Group’s Spanish business.
In a London Stock Exchange statement it said it “notes the press speculation regarding the potential acquisition”, adding that it “confirms it is discussion with Vodafone Group in connection with the potential acquisition, and with banks in relation to its financing”.
Zegona went on to say the potential acquisition “remains subject to, amongst other things, agreement on final terms with Vodafone, completion of its due diligence exercise and formalisation of the funding arrangements. Therefore, there is no certainty that the potential acquisition will proceed, nor as to the final terms of any such potential acquisition”.
Broadband TV News notes that Expansion reported late last week that Zegona was in advanced talks to buy what would probably buy a 50% stake in Vodafone Spain. The company is valued at over €5 billion.
Zegona lists Marwyn Investment (12.54%), Artemis Investment (9.51%), Fidelity Investments and FIL Investment International (6.36%) among its leading shareholders.
It has previously had a presence in Spain through the cable operator Euskaltel, which it sold to MásMóvil in August 2021.