Spain Sale Approved, €2bn Share Buyback To Begin

Vodafone Group announced that the sale of Vodafone Spain to Zegona Communications has received final approval from the Spanish authorities. The sale is expected to complete at the end of May 2024, at which point Vodafone will receive €4.1 billion in cash (subject to customary closing adjustments) and €0.9 billion in the form of Redeemable Preference Shares.

As a result, Vodafone now intends to commence an initial €500 million share buyback programme on 15 May 2024, as part of our plans to return €2.0 billion over 12 months.

Source: Vodafone Group media announcement