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Sale of Vodafone Spain completes


Vodafone Group Plc (“Vodafone”) announces it has completed the sale of Vodafone Holdings Europe, S.L.U. (“Vodafone Spain”) to Zegona Communications plc (“Zegona”)1 for €4.1 billion in cash2 and €0.9 billion in the form of redeemable preference shares.

The enterprise value of €5.0 billion represents a multiple of 5.6x Adjusted EBITDAaL3 and 13.0x OpFCF4 for the 12-month period ended 30 September 2023.

As part of this transaction Vodafone and Zegona have also entered into an agreement whereby Vodafone will provide certain services to Vodafone Spain after completion of the transaction and Vodafone will continue to have a presence in Spain through its Innovation Hub in Málaga.


1 The selling entity is Vodafone Europe B.V. which is a 100% owned subsidiary of Vodafone Group Plc. The buying entity is Zegona Bidco, S.L.U. which is a 100% owned subsidiary of Zegona Communications plc.

2 Subject to closing accounts adjustments

3 Adjusted EBITDAaL as defined in Non-GAAP measures on page 236 of the Vodafone Annual Report 2024

4 OpFCF defined as Adjusted EBITDAaL less capital expenditure

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