Vodafone

Vodafone negotiates with Telefónica and Orange to create a common front: a RANco

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Eamonn O’Hare, CEO of Zegona (the owner of Vodafone Spain), has confirmed to Expansion which is in talks with Orange and Telefónica to create a RANco, a mobile network joint venture in the style of the fibercos which launched in 2025. Why is it important. Spain has three large operators managing three national mobile networks with identical fixed costs, but Orange and Telefónica have double Vodafone’s customers. This asymmetry makes Vodafone’s mobile network, comparatively, inefficient. A RANco would allow sharing infrastructure, reducing expenses and improving quality without eroding profitability. The context. Vodafone has multiplied its share price by 12 in 20 months after reducing costs and close two fibercos that generated 2.2 billion in value. The share went from 345 pence (things from the London stock market) when they bought Vodafone Spain to more than 1,565 pence now, and has returned 1,400 million in dividends to its shareholders. It now trades at 9 times its cash flow when its competitors do so at 13 times. The RANco is the missing piece to close that gap. How a RANco works. A RANco is a wholesale mobile network company shared between operators that provides services to its owners. It is similar to fibercos: the network is unified, synergies are captured and a minority stake is sold to an international investor. Vodafone pays 150 million annually to Vantage Towers for towers at double the market price. With the RANco, those costs are divided. Two possible scenarios: With Orange: easier to execute and attract investors, but fewer synergies because they already share a network in some areas. With Telefónica: more synergies by not having anything shared, but more complex to incorporate a financial partner. The calendar. O’Hare puts the closure of RANco within a year and a half. And in November 2028, the window opens to abandon the contract with Vantage Towers. Vodafone has already made a decision: either Vantage reduces its rates by 50% or terminates the agreement. Yes, but. Mergers between operators are not on the table. O’Hare rules out short-term purchases or sales because the regulatory risk is “too great” and would distract the group from its three priorities: Align your stock valuation with the competition. Reach 1,000 million in cash flow. And develop the RANco. The figures. Vodafone Spain generated 400 million in cash flow when Zegona bought it. Last year it reached 600 million. This year it will be close to 800 million. The goal is to reach 1,000 million in the coming years. At stake. The RANco is not just a financial movement. Turning off the cable network will take three or four years migrating customers to fiber. Small operators will disappear, devoured by Digi and Finetwork. And Vodafone keeps open a possible IPO in Spain within three or four years, when it would complete its transformation. The shadow of Telefónica. As published Populi Voice A few days ago, Telefónica began talks to buy Vodafone Spain and close the operation in the first half of 2026. But a RANco with Orange or with Telefónica itself, in addition to O’Hare’s own interview, would change the equation: Vodafone would enter that negotiation with shared infrastructure and long-term contracts that would make the purchase more expensive or directly unviable. Zegona negotiates the RANco also as a policy. Featured image | Orange, Movistar, Vodafone In Xataka | Any teleoperator would be worried about making less money with each client. Digi is exactly what you are looking for

The Spanish business that Vodafone sold as ballast is now worth three times as much. Zegona has shown that the problem was the owner

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according to further Populi Voicea medium with a good track record in telecom exclusives, Telefónica has started talks with Zegona to acquire Vodafone Spain. The negotiations are recent (just a few weeks) and it was Movistar who picked up the phone first. Telefónica wants to close the operation in the first half of 2026. The rumors come from months ago. The problem is that arrive late, and that has a price. A little more than two years ago, Zegona bought Vodafone Spain for about 5,000 million euros. Vodafone (the British parent) was selling a problematic asset: It was the third operator in a market of four. He was caught between the scale of Telefónica and the agility of the low-cost He inherited a network that required constant investment. And he also inherited a tarnished reputation after years of complaints. For the British group, Spain was a drain of money and effort. For Zegona, a poorly managed gold mine. And in just two years, the fund has proven that he was right: Has returned to its shareholders 1.4 billion euros in dividends (28% of what was paid by Vodafone Spain). Has reduced the number of shares in circulation by 69%. And yet its current capitalization is around 3.6 billion. For fund shareholders, the return has been spectacular: The stock went from 345p when they bought Vodafone (less than 100 when they announced their intentions) to over 1,565p now. It has multiplied by 4.5 in two years. Vodafone Spain generates around 4.5 billion annual revenues and, with more focused management than before and without the bureaucracy of a global giant, it has become a profitable operation that Zegona can continue to exploit… or sell to the highest bidder. Telefónica is now negotiating from a weak position. It needs the operation (Marc Murtra has repeated that Movistar must lead the consolidation of the Spanish market) and the market knows it. An ERE of 4,500 people has just closed. And while Telefónica prepared the house to add more furniture, its price has fallen 27% since the end of October. Zegona, however, its value has skyrocketed. The price of this indecision is between 2,000 and 7,000 million extra euros. regarding what the purchase of Vodafone Spain would have cost in 2023. Zegona is in no hurry. It can wait, it can squeeze, it can even stay as it is. Telefónica now cannot afford that luxury because buying Vodafone Spain is not an expansionist move, it is an almost defensive necessity: needs critical mass before Europe forces further consolidation where Movistar is the main course, not the diner. But when negotiating is a necessity and the other side knows it, the price stops being a variable and becomes a toll. If the operation crystallizes, it will create a giant with more than 45% of the Spanish market, great cost savings by eliminating duplications (headquarters, networks, contracts…) and intense regulatory scrutiny from Brussels. Although not as brutal as it would have been with Vestager because Ribera has another look. Telefónica knows it and so does Zegona. The difference is that one is late and the other can afford to wait. That changes everything in a negotiation. In Xataka | The great dilemma of Spanish telecos: either they become giants or China swallows them Featured image | Vodafone, Telephone

Movistar, Orange and Vodafone are going to raise prices in 2026. You still have time to do something to avoid paying more

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Unfortunately for users, it has already become a tradition: every year around this time, the three operators begin to notify their customers of the price increases that they will come into force in January. And 2026 is not going to be an exception. The first to report it It was Movistarthen Orange followed and shortly after It was Vodafone’s turn. They are all preparing an update to their upward rates for the first weeks of 2026 that will directly impact the pockets of millions of households. The increase is not the same in all rates, but in some cases, it may mean pay up to 6 euros more per month. The good news is that we still have time to take measures to avoid it. It all depends on whether you are willing to continue paying for services that you may no longer need. Image: Xataka On January 8, Vodafone prices rise. Although last year Zegona, the owner of Vodafone Spain, allowed to avoid the inertia of the increases linked to the CPIin 2026 prices will rise again. And this time they will not be linked to the CPI, but will exceed the expected inflation (close to 3%) to reach an average of 4%. The increase affects almost everyone: from those who only have a mobile line, who will pay 1 euro more per month, to families with complete convergent packages, whose fee will increase between 3 and 5 euros per month. In addition, you will pay 1 extra euro for each additional line and another extra euro for each contracted streaming platform. Ancillary services such as Secure Net, One Number or MultiSIM maintain their prices. Orange rates rise on January 12. Orange packages will suffer a weighted average increase of around 3.8%. For example, customers who have contracted the Fiber pack with one or two unlimited lines will pay 5 euros more per month. Also those with the Cinema and Series package, both with one mobile line and two. Football fans will be worse off, since the Football and Cinema packages will increase by 6 euros per month, regardless of whether you have one or two mobile lines. Image: Movistar Movistar customers have their turn a day later. The customers who will notice the increase the most are those who have 1 Gbps fiber rates and unlimited mobile line services. For example, the 1 Gbps fiber and unlimited mobile package plus an additional line increases from 63 to 65 euros per month, and the option with two unlimited lines increases from 80 to 83 euros. The basic Movistar Plus+ package with deco increases by one euro, from 13 to 14 euros. What remains the same are the entry rates, such as the basic package with 600 Mbps Fiber and mobile with 60 GB, which remains at 53 euros per month. The date on which the new prices will come into effect is January 13, 2026. Why do operators raise prices? The justification for these price increases by Movistar, Orange and Vodafone is very similar and always revolves around investment and quality of service. As they are “premium” operators, they do not limit themselves to giving you connectivity, but offer the latest technologies (WiFi 7, 5G+, 10 Gbps fiber…) and an entire ecosystem of services, such as alarms, insurance, telemedicine, etc. To this we must add television with a decoder, agreements with third parties to integrate their content and the high cost of football in the case of Orange and Movistar. In fact, the three operators hide behind the increase in costs on the part of providers and their desire to continue offering varied and quality content. You have the right to cancel the contract. Operators are obliged to communicate any modification to the contract (a price increase is one) at least one month in advance of its entry into force. In all three cases, the new prices will be applied, as we have seen, in the first days of January. Hence, customers are now receiving the relevant notices. Even if you have a current contract, the unilateral modification of the conditions by the operator gives you the right to terminate the contract and change companies at no cost, as long as you do so before the date of entry into force of the new prices and that you are not paying for a device in installments. If you receive the notice and do nothing, the operator legally assumes that you accept the new conditions. Therefore, December is the perfect time to analyze your day-to-day needs and check the options you have both within your current operator. like in the competition. On mobile phones, for example, there is a golden rule that recommends hiring a rate that offers your average consumption plus a 20% margin. On fiber, you may be able to lower the speed, and on television, you may not need as many platforms or content packages. Cover image | Xataka In Xataka | Telefónica does not buy Vodafone or Digi for now, but it already has a plan: one in which mergers are necessary In Xataka | For the first time in decades, Telefónica can freely decide with whom it shares its network. And that changes the entire Spanish market

They stole almost 23,000 euros from him with the SIM swapping scam. Now Vodafone and Ibercaja will have to return them

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First, for no apparent reason, you are left without line or data coverage on your mobile. The next thing is to realize that your bank account has been emptied. This nightmare is the result of ‘SIM swapping’one of the most dangerous scams and protagonist of the sentence we are discussing today. what has happened. The Plasencia court has sentenced Vodafone and Ibercaja to return all the money to a client affected by this type of scam, as reported in Economist & Jurist. Vodafone issued a duplicate SIM card to the victim, but it was not she who requested it, but rather a third party who used it to obtain virtual bank cards without her authorization. When he reported it, the bank returned several transfers made by the scammers, but they did not cover the entire amount; There were still 22,833 euros to recover. The ruling concludes that both the bank and Vodafone are responsible and must replace that amount. Why is it importantand. The ruling places the responsibility for this type of scam on companies, not only banks but also operators. Vodafone tried to pass all responsibility to the bank, while Ibercaja alleged that it was not a security failure on its part, but rather negligence on the part of the client. The sentence is clear: both are responsible; Vodafone for not identifying who requested the duplicate SIM and the bank for not having implemented protection measures to avoid this fraud, which had been known for a long time. The ruling concludes that “generic warnings from banks cannot be used to impute negligence to the user”. Precedents. There have been other favorable rulings for those affected by ‘SIM swapping’, such as this one from the Supreme Court that condemned an entity (also Ibercaja, by the way) to return 56,474.63 euros. The cases in which the operators are also held responsible are less common, but they also exist. In 2022, the Court of First Instance No. 15 of Zaragoza sentenced Telefónica to pay 2,680 euros to another victim of this scam. Fines. Although the operators are not always sentenced to pay the stolen amount, they have received numerous fines. The AEDP has already fined different operators for allowing this practice for an amount of 6.7 million euros. Digi has been one of the most affected companies, with a initial fine of 70,000 euros that finally It reached 270,000 euros. SIM swapping. The mobile phone has become the center of our digital life. With it we access and identify ourselves in all types of services, also in our bank, which is why it has become such a valuable object for scammers. ‘SIM swapping’ consists of the scammer requesting a duplicate of our SIM card in order to control our bank accounts using SMS verification. The problem usually occurs due to a lack of security measures in the operators’ stores, which fail to identify who is going to request the duplicate. Image | Pexels, Vodafone In Xataka | What you can do to avoid “SIM swapping”, the cyberattack that wreaks havoc and allows bank accounts to be emptied

Telefónica wants to be the leader of telecommunications in Spain. The fastest way to get it is to buy Vodafone

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We listen to it almost 20 years ago: Telefónica is interested in buying Vodafone. A rumor that acquires more and more strength and to which a last minute news points: Telefónica has hired Az Capital servicesa movement that paves the way to one of the most important possible acquisitions in its history. Why is it important. Az Capital is a Spanish independent investment bank, with a high degree of specialization in mergers and business acquisitions. That telephone hires its services is not something trivial: it is a not very silent statement that The horizon is basting For a complex operation. This public movement is not a direct translation on the purchase of Vodafone. It is a rumor not yet confirmed that it acquires strength after the movement and that continues to draw the one that looks like the inevitable destiny of a path that Telefónica has been willing to travel: that of mergers. Vodafone’s complex situation. Despite being the third Spanish operator, Vodafone Spain’s financial situation is critical. The company It has been dragging falls in income for more than four yearsand Zegona’s possession It was translated into almost 1,200 layoffs in Spain. 2024 started with THE GOVERNMENT GIVING GREEN LIGHT to the purchase of the Spanish subsidiary of Vodafone by the British Fund Zegona, a purchase that closed for an amount of 5,000 million euros after being able to get THE BRUSTELAS CONTAMB and the approval of the CNMC. Downward customers. It is no secret, Vodafone is losing mobile lines After the rise of operators as Digi. It is the one that falls the most in the annual accumulated, and the fusion of emerging as one of the few possible scenarios to restructure an increasingly fragmented and competed Spanish market. THE DOORS TO THE FUSION. The new Murtra Telefónica wants to be a leader in the European telecommunications market, and has not hidden when raising national and cross -border mergers to Europe. Vodafone and Digi are two of their potential objectives, without fixing the look in OMVs with less position in the Spanish telecommunications market. Murtra’s statements About his interest in local mergers came to shoot Zegona’s actions in 18% more than two weeks. A market reaction that makes clear the interest of investors to a possible acquisition. The telephone scenario + Vodafone. An acquisition of Vodafone by Telefónica would result in the main objective of the giant led by Murtra: The dominant market share operator. In combined, both would exceed 45% of the market. The acquisition would be subject to small print. Spain and Vodafone have a joint share of more than 80% in the B2B business, a dominant position that neither the CNMC nor Brussels would see with good eyes. I would touch the monopoly. Summer of 2026. The main Spanish unions give the operation by closedwaiting for an absorption of 3,000 workers by telephone. The most popular date is summer of 2026, something that neither Telefónica nor Vodafone wanted to answer. The new Murtra Telefónica progress, but don’t take off. Is going up in income and increasing margin, but Operators like Digi manage to capture all eyes And they aspire to conquer a Spanish Top 3 that, until now, seemed inaccessible to anyone beyond Massage, Telefónica and Vodafone. The merger is a perfect plan as a retaining wall in this advance, and its only possible way to compete the throne with a massage that exceeds 40% market share. Image | Telefónica, Vodafone In Xataka | Digi premieres rates with incredibly cheap unlimited data: so you can hire them from 6 euros

Goodbye to the ruinous business in Latin America … and Diana on Digi and Vodafone

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Marc Murtra, just ratified As executive president of Telefónica with a support of 90% of shareholders, they have a forceful message: the priority is “Europe, Europe and Europe”, and the consolidation within each country is essential. He already anticipated it In an inaugural speech of the MWC full of intention. The “intramerous” mergers are, in their opinion, the only effective way to generate real synergies, reduce costs and improve profitability in a sector that has languished for years. While Abandon Latin America After a ruinous business attempt there, Murtra focuses on operators such as Vodafone Spain and Digi, according to Expansionwith sufficient scale to impact. Why is it important. Murtra’s message to the European Commission, the CNMC and national governments is clear: mergers within each country are priority over any paneurpea consolidation, and regulators must allow them. This approach is a change with respect to the previous position of the EC, which has hindered similar mergers in the last decade. Orange and MasMóvilwithout going any further, he lasted a lot and filled with asterisks. However, recent letta and draghi reports on European strategic autonomy give intellectual coverage to this position. Murtra relies on the new geopolitical climate, where European technological sovereignty is at staketo claim conditions that allow European telecos to gain financial muscle and compete globally. The contrast. While in Europe it seeks to grow absorbing competitors, in Latin America Telefónica is in full withdrawal, after years of negative results that have undermined their financial position. Peru is already in creditors. Argentina has been sold for 1,190 million euros to the Clarín group (although Milei’s government tries to block the operation). Colombia is about to go to Millicom. And Mexico is the following in the list for divestment. Only Brazil remains as a strategic market, contributing about a third of the group’s profitability and being even more priority than Spain in terms of investment. What’s happening. The European consolidation strategy proposed by Murtra reflects a reality of the sector: Europe has 34 main operators for 450 million people, while the United States has only three for 335 million. This fragmentation is a lifeline. The European Telecommunications Sector has lost 41% of its capitalization since 2015while American and Asian giants advance technologically much faster. Telefónica’s stock market value fell 57% under the Álvarez-Pallete mandate despite reducing debt by half. The European 5G coverage (81%) is delayed with respect to the American and China (more than 95%). The average income per mobile customer in Europe is 15 euros compared to $ 42 in the United States. Fiber customer yield is 13 euros in Europe against $ 58 in the United States. Between the lines. Vodafone Spain and Digi arise as the logical objectives for consolidation in Spain. Only these operators have enough scale to generate multimillionaire synergies. Vodafone, with almost three million broadband customers, or Digi, who already exceeds two million fiber users, represent acquisitions with the necessary volume to move the needle in the Spanish market and contain the competition that is eroding its margins. Other assets such as Avatel, FI Network or Adamo would also be intent, but have too small dimensions for their purchase to have the impact that Telefónica seeks. Yes, but. Telefónica’s transformation goes beyond traditional consolidation. 43% of their business income in key markets already come from services that are not communications. The operator is close to the inflection point where most of your billing comes from technological servicesnot voice or data. The IT segment is growing “in double digit” while reducing the investment ratio on income from 12.9% to 12.5%. This metamorphosis reflects the search for a post-terocommunications identity, where Telefónica wants to be defined as a diversified technological company. Now the crystallize narrative is missing. And now what. Murtra has announced that he will present his strategic plan before he finishes 2025, with three priorities: focus on Europe, “iron financial discipline” and technological excellence. What remains to be seen is whether the European Commission, with The new Teresa Ribera Commissionerwill respond favorably to its requests with greater consolidation. And if Murtra will execute both Latin American divestments and European acquisitions with the rapidity it promises. If it works, it could mark the way for other European telecos trapped among American technological giants and Asian manufacturers. If it fails, the decline of the sector in Europe could become irreversible. In Xataka | Telefónica’s new guard: Marc Murtra and Emilio Gayo, the pair that seeks to create a European champion Outstanding image | Telefónica

Vodafone displays the largest public Wi -Fi network in Spain connecting all Andalusia. Even the Alhambra

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Vodafone and the Junta de Andalucía have announced in the MWC 2025 – and among mutual praise – the implementation of the largest public Wi -Fi network in Spain, connecting 3,100 administrative venues in 700 Andalusian municipalities. The Vuela Plan offers free Internet access for 8 million citizens and public employees through an infrastructure that has required 27,000 access points and 800 km wiring. Why it is important. The network guarantees universal Internet access throughout Andalusia, in view of “overcoming the digital divide” and modernizing public administration. The infrastructure allows any Andalusian to connect to the Internet for free to any of the administrative venues, from small municipalities to hospitals, through historical buildings such as The Alhambrawhere the installation works were extended for almost a year to respect their patrimonial value, according to the announcement of the Teleco. In figures. The project has meant a massive technological deployment that we do not remember precedents in the Spanish public administration. 27,000 Wi -Fi access points. 4,500 concentrators installed. 800 kilometers of wiring. 700 connected municipalities. 82 Coordinated organizations in the deployment. In detail. The plan flies, announced by Antonio SanzDirector of the Presidency, Interior, Social Dialogue and Administrative Simplification of the Junta de Andalucía, Structure connectivity in three different networks that fulfill specific functions according to the type of user. The Vuela network offers public access with safe authentication for citizens. The corporate network connects public employees in the 5,500 headquarters allowing mobility between buildings. The third is dedicated to IoT devices to manage sensors, hospital equipment and asset location. During the presentation, the counselor has talked about increasing the utility for the citizen and “being more agile”, coming to talk about the ability to attract Digital nomads. “No one is left behind.” Between bambalins. The deployment has had to overcome several technical and logistics challenges to respect the characteristics of each space. It has been necessary to adapt the installation to hospitals with strict protocols, remote municipalities or protected historical buildings. The network has a dedicated core that guarantees professional benefits, similar to those of any commercial operator. And now what? The network solves the poor connectivity that affected many administrative buildings, as stated during the presentation, and responds to the demand for a Wi -Fi network. Now citizens will have internet in health centers, libraries and public offices where there was not before. O It was limited to the cable for employees. Outstanding image | Xataka In Xataka | European telecos in front of their existential battle: “If our hands unleashed, we will score goals”

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