VODAFONE said on Tuesday (May 14) it received approval from Spanish authorities for the sale of its local unit to Zegona Communications for five billion euros (S$7.3 billion).
The British mobile operator announced the sale of its Spanish business to Zegona in October, marking an exit from a market that has dragged on performance for years.
Vodafone intends to start an initial 500 million euros share buyback on Wednesday as part of the two billion euros it plans to return to investors in over 12 months.
Earlier in the day, the company reported a 2.2 per cent rise in annual organic earnings after it returned to top-line growth in the final quarter on gains in Britain and Germany.
The London-listed company added the sale is expected to close at the end of the month. REUTERS
