It is not quite the continental tie-up that the EU is hoping for, but it could be the first domino. According to Spanish outlet El Confidencial, after preparing a new credit raise, Telefonica’s largest shareholders have signed off on the new leadership’s plan to acquire Vodafone Spain. Vodafone Spain has been turned around by new owners Zegona Communications, which acquired the struggling operator for €5 billion in 2024. Recent speculation suggests that Zegona might have doubled that valuation, which, if true, illustrates just how much headroom there is for operators to improve their standings – with some outside thinking. For Telefonica, 1&1 in Germany has reportedly been approved as a backup target, should Zegona spurn Telefonica’s advances. 1&1 is in…