European telecoms investment firm, Zegona Communications, is reportedly in advanced talks with Vodafone to acquire a hefty stake in Vodafone Spain. Negotiations heat up amid rising competition in Spain’s telecoms market and looming industry-wide reshuffles. However, questions remain about the potential investment’s structure and implications for Vodafone’s balance sheet.

Vodafone’s Spanish operations have caught the eyes of Zegona, an investment group primarily focused on European TMT sector investment. While speculative reports suggest a valuation of over €5 billion for the entity, Zegona’s possible stake acquisition might be limited to 50%. Amid fluctuating price estimates, discussions are unfolding, revealing a potentially significant shift in the telecommunications landscape.