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Bond Market News
Vodafone to Sell Spanish Business to Zegona for $5.3bn
November 1, 2023
Vodafone has decided to sell its Spanish business to Zegona Communications for €5bn ($5.3bn). Zegona will fund the transaction with €4.2bn in debt and a €500mn revolving credit facility. Besides, €900mn would be financed from Vodafone’s investment vehicle to buy new shares of Zegona. Zegona would also raise equity of €300-600mn from its shareholders, said its CEO, Eamonn O’Hare. He said that Vodafone’s low cashflow margins and falling revenues in its Spanish arm had to be fixed. Vodafone shareholders which will receive at least €4.1bn in cash. The deal comes at a time when competitor Orange has struck a merger deal with Masmovil’s Spanish units. Vodafone has been trying to sell its Spanish arm for about two years.
Vodafone’s dollar bonds were trading steady with its 4.125% 2025s at 97.47, yielding 5.83%.
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