Vodafone Close to Selling Stake in Spanish Business to Zegona

-- Vodafone Group Plc is close to selling a stake of at least 50% in its Spanish business to Zegona Communications Plc in a deal that values the asset at more than €5 billion , according to people familiar with the matter.Israel Latest: Iranian Minister Warns US Over Support of Israel

Newbury, England-based Vodafone has been trying to do a deal in Spain for more than a year. Its previous chief executive officer Nick Read said the market needed consolidation, but ended up on the sidelines as its rivals agreed to merge. Following years of eroding earnings, Read’s replacement, Margherita Della Valle, demoted the unit to Vodafone’s so-called “cluster” of smaller European businesses and placed it under strategic review.

The European Commission is tipped to impose strict conditions for the merger, which could potentially lead to Orange and Masmovil having to sell certain assets to a smaller rival. The decision will be taken as a sign of the Commission’s willingness to allow consolidation in the sector.

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