{"id":197360,"date":"2026-01-14T15:53:08","date_gmt":"2026-01-14T15:53:08","guid":{"rendered":"https:\/\/teknomers.com\/en\/vodafones-sold-spanish-business-now-worth-three-times-more-zegona-reveals-owner-was-the-issue\/"},"modified":"2026-01-14T15:53:10","modified_gmt":"2026-01-14T15:53:10","slug":"vodafones-sold-spanish-business-now-worth-three-times-more-zegona-reveals-owner-was-the-issue","status":"publish","type":"post","link":"https:\/\/teknomers.com\/en\/vodafones-sold-spanish-business-now-worth-three-times-more-zegona-reveals-owner-was-the-issue\/","title":{"rendered":"Vodafone&#8217;s Sold Spanish Business Now Worth Three Times More: Zegona Reveals Owner Was the Issue"},"content":{"rendered":"\n<div>\n<h2>Telef\u00f3nica\u2019s Negotiations with Zegona<\/h2>\n<p>According to <em>Populi Voice<\/em>, Telef\u00f3nica has initiated discussions with Zegona to acquire Vodafone Spain, aiming to finalize the transaction by mid-2026. The timing of these negotiations raises questions as they follow months of speculation, which hints at the urgency from Telef\u00f3nica\u2019s side. <\/p>\n<h3>The Problem of Delay<\/h3>\n<p>The reality is that arriving late to the negotiation table has a steep price. Two years ago, Zegona purchased Vodafone Spain for around \u20ac5 billion, inheriting what was essentially a troubled asset. At that time, Vodafone\u2019s Spanish operation was caught in a challenging market position, being the third operator in a lineup of four. <\/p>\n<ul>\n<li>It struggled between the size of Telef\u00f3nica and the nimbleness of low-cost competitors.<\/li>\n<li>The existing network demanded constant investment to remain competitive.<\/li>\n<li>Furthermore, it carried a tarnished reputation due to years of customer complaints.<\/li>\n<\/ul>\n<p>For Vodafone, Spain was a financial burden, while Zegona recognized the potential hidden within mismanagement, viewing it as a poorly managed gold mine.<\/p>\n<h2>Zegona\u2019s Prosperity<\/h2>\n<p>In just two years, Zegona has demonstrated the merits of its acquisition. The fund has returned \u20ac1.4 billion in dividends to shareholders\u2014an impressive 28% of Vodafone Spain\u2019s payout. It has also significantly reduced the number of shares in circulation by 69%, leading to a current market capitalization of about \u20ac3.6 billion. <\/p>\n<p>Shareholders have seen spectacular returns, with stock prices increasing from 345p at the time of acquisition to over 1,565p today\u2014 a staggering 4.5 times increase in just two years.<\/p>\n<div class=\"article-asset-image article-asset-normal article-asset-center\">\n<\/div>\n<p>Vodafone Spain presently generates around \u20ac4.5 billion in annual revenue and has become a profitable entity under Zegona\u2019s management, free from the bureaucratic inertia often associated with global corporations.<\/p>\n<h2>Telef\u00f3nica&#8217;s Weakening Position<\/h2>\n<p>Telef\u00f3nica finds itself in a precarious negotiating position. The company requires this acquisition to maintain its relevance as the leader in the Spanish telecommunications market. Recent layoffs of 4,500 staff underline the urgency Telef\u00f3nica faces. The company&#8217;s shares have fallen by 27% since late October, illustrating its declining market strength.<\/p>\n<div class=\"article-asset-image article-asset-normal article-asset-center\">\n   <img decoding=\"async\" alt=\"The Evolution of Telefonica Stock\" class=\"centro_sinmarco\" src=\"https:\/\/teknomers.com\/en\/wp-content\/uploads\/2026\/01\/1768405988_348_Vodafones-Sold-Spanish-Business-Now-Worth-Three-Times-More-Zegona.png\"\/>\n<\/div>\n<p>In contrast, Zegona&#8217;s current market value has notably surged. The disparity in their positions means Telef\u00f3nica is negotiating under pressure, which eliminates flexibility concerning the price of the deal.<\/p>\n<h2>The Stakes of the Negotiation<\/h2>\n<p>The price for Vodafone Spain could fluctuate between an estimated \u20ac2 billion to \u20ac7 billion above its potential purchase cost in earlier years. This places Zegona in a commanding position; they can afford to wait and use their leverage to extract better terms.<\/p>\n<p>Telef\u00f3nica, on the other hand, faces a necessity rather than opportunity in pushing forward the acquisition, as consolidation within the European telecommunications sector looms. The potential creation of a giant entity controlling over 45% of the Spanish market stands on the horizon, promising significant cost savings but inviting regulatory scrutiny.<\/p>\n<p>The conclusion is clear: Zegona holds the upper hand in this negotiation while Telef\u00f3nica must act quickly to remain competitive.<\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/teknomers.com\/category\/general\/\" rel=\"dofollow\">General News &#8211; 2<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Telef\u00f3nica\u2019s Negotiations with Zegona According to Populi Voice, Telef\u00f3nica has initiated discussions with Zegona to acquire Vodafone Spain, aiming to finalize the transaction by mid-2026. The timing of these negotiations raises questions as they follow months of speculation, which hints at the urgency from Telef\u00f3nica\u2019s side. The Problem of Delay The reality is that arriving [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":197361,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36399],"tags":[2139,5813,2014,562,2785,11993,28,47675,2066,47676],"class_list":["post-197360","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-business","tag-issue","tag-owner","tag-reveals","tag-sold","tag-spanish","tag-times","tag-vodafones","tag-worth","tag-zegona"],"_links":{"self":[{"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/posts\/197360","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/comments?post=197360"}],"version-history":[{"count":1,"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/posts\/197360\/revisions"}],"predecessor-version":[{"id":197362,"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/posts\/197360\/revisions\/197362"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/media\/197361"}],"wp:attachment":[{"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/media?parent=197360"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/categories?post=197360"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/teknomers.com\/en\/wp-json\/wp\/v2\/tags?post=197360"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}