(Bloomberg) — Vodafone Group Plc is close to selling a stake of at least 50% in its Spanish business to Zegona Communications Plc in a deal that values the asset at more than €5 billion ($5.3 billion), according to people familiar with the matter.Israel Latest: Iranian Minister Warns US Over Support of Israel
While discussions are at an advanced stage, they could still be delayed or even falter, according to the people. Vodafone didn’t immediately respond to a request for comment made outside of normal business hours. A spokesman for Zegona reiterated the details of a statement on Sept. 22, when the company confirmed talks with Vodafone and said it was discussing financing with its banks.
The British carrier has been working with an adviser as it evaluates options for the Spanish business, Bloomberg News reported in July. Warburg Pincus was among those considering a bid for the assets, while Apollo Global Management Inc. has also shown initial interest, people familiar with the matter said previously. headtopics.com
The European Commission is tipped to impose strict conditions for the merger, which could potentially lead to Orange and Masmovil having to sell certain assets to a smaller rival. The decision will be taken as a sign of the Commission’s willingness to allow consolidation in the sector.
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