The British fund Zegona is in "conversations" to acquire Vodafone’s business in Spain

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Zegona Communications has confirmed to the London Stock Exchange its intention to buy Vodafone’s business in Spain. It would be a reverse takeover, although in the statement the company has also indicated that “there is no certainty” that the operation will be carried out.

The entity also points out that it is in talks with several banks regarding possible financing of the operation, which was advanced by Expansion. At 08:00 on Friday, Zegona requested the suspension of its listing. The firm already carried out a reverse acquisition to acquire the Australian telecable operator – for an amount of 640 million – in 2015, according to this same medium.

“The company confirms that it is in discussions with Vodafone Group plc (“Vodafone”) in relation to the Potential Acquisition, and with banks in relation to its financing,” the statement details. The “potential” acquisition, they explain, “remains subject to, among other things, an agreement on final terms with Vodafone, completion of its exercise of due diligence and formalization of financing agreements.” Therefore, the document continues, “there is no certainty that the potential acquisition will take placenor as to the final terms of said potential acquisition.”

The British fund estimates that the value of Vodafone Spain is above 5,000 million euros. Zegona entered the sector in Spain when it bought Telecable’s business in the country – it sold it in 2017 – and also owned 21% of Euskaltel, after increasing its stake in 2019, although in 2021 MásMóvil carried out a takeover bid for the company.

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