2023-04-05 12:02:09 ET
Vodafone ( NASDAQ: VOD ) is reportedly hearing offers for its Spanish business that could value the unit at more than $4B - the latest update on an ailing Spanish telecom market in transition.
Vodafone had hired advisers in early 2022 to pursue a combination with MásMóvil Ibercom ( OTC:MMBMF ) - a move that would merge the third- and fourth-biggest carriers (by subscribers) in Spain to better compete with market leaders Telefónica ( TEF ) and Orange ( ORAN ).
But shortly thereafter, MásMóvil entered exclusive talks with Orange ( ORAN ) on a 50-50 joint venture, resulting in a $19B merger that is facing a full-blown antitrust investigation .
Vodafone ( VOD ) isn't running a formal sales process, but it would consider offers at the right price, Bloomberg reported.
Vodafone stock was up 1.8% Wednesday at midday following the report.
From 2018-2022, Vodafone's revenue generated in Spain fell by 16%, to about €4.2B.
The parent company's been under pressure for years, and the stock has slipped 65% in just a little over five years.
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Vodafone reportedly open to offers for struggling Spanish unit