Vodafone Spain progresses dramatic, private equity-led turnaround

Richard Agnew2026-06-16T16:02:00

Source: Vodafone Spain

Spain’s number three telco has more than doubled margin in the two years since being sold by Vodafone to investment group Zegona Communications, again raising a question mark over strategy under its previous owner. Having proved its buy-fix-sell transformation model, Zegona is now eyeing other acquisition targets…

This article includes:

Organisations: Axa; Euskaltel; Expansión; Fidelity Investments; GIC; MásOrange; Telecable; Telefónica; Telefónica España; Tesco UK; Thornburg Investment Management; Vantage Towers; Virgin Media; Vodafone; Vodafone Spain; Zegona Communications.
Geographies: Europe; Spain; United Kingdom (UK).
People: Eamonn O’Hare; Robert Samuelson.
Themes: Broadband; Buy-fix-sell model; Capital expenditure; Cash flow; Cost reduction; Debt reduction; EBITDA; Enterprise value; Fibre joint venture; IT systems consolidation; Mergers and acquisitions; Mobile contracts; Mobile infrastructure; Network assets; Network sharing; Operational optimisation; Pricing pressure; Private equity; RAN sharing; Revenue growth; Shareholder returns; Telecoms; Transformation initiatives; Turnaround strategy.

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