Vodafone has confirmed the sale of its Spanish operations to Zegona Communications, in what it says is a bid to reshape its portfolio for future growth.

The deal, valued at €5 billion, comprises a cash consideration of €4.1 billion and up to €0.9 billion in Redeemable Preference Shares (RPS).

Upon completion, Vodafone will continue to provide services to Vodafone Spain under a pre-agreed annual service charge of approximately €110 million to ensure a seamless...