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
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