Vodafone sells out of Spain for €5 billion

Vodafone has inked a deal to sell its Spanish business to UK-based investment firm Zegona Communications for as much as €5 billion.
The deal will see Vodafone receive at least €4.1 billion in cash and up to €900 million in preference shares. That’s a decent earner for Vodafone, which has been under pressure from investors to streamline its business and reverse an apparently endless share price decline for a number of years.
As is often the case with telecoms M&A, the dea