Vodafone Group has confirmed the sale of its Spanish division to Zegona Communications, a UK-based operating company specializing in telecoms and media “buy-and-fix” strategy. The deal agreed is for an enterprise value of €5 billion ($5.3 billion), in line with earlier valuations as seen in September, when news of negotiations were first confirmed, although rumors had swirled since mid-2022. Initial reports had focused on how a sale of all or part of Vodafone Spain’s fixed network operations would allow the operator’s Spanish division to expand its existing fiber wholesale agreement with Telefónica. However, Zegona’s deal is for 100% of Vodafone Spain, warts and all – pending regulatory clearance. New owner Zegona has a plan to reverse the direction of revenues,…