Vodafone Spain to Cut Up to 1,200 Jobs Following Acquisition by Zegona Communications

Is Vodafone broadband down in the UK?

Vodafone Spain, recently acquired by Zegona Communications, plans to cut up to 1,200 jobs to ensure future viability, citing significant financial challenges.

Madrid, Spain (Bollywood Fever): A former Vodafone unit in Spain, recently acquired by Zegona Communications, plans to cut up to 1,200 jobs, which is just over a third of its total workforce, according to statements from both the company and unions on Wednesday.

This decision follows the completion of Zegona’s 5 billion euro ($5.41 billion) acquisition last month. Despite retaining the Vodafone brand name through a 10-year agreement with Zegona, Vodafone Spain stated that the layoffs are essential to ensure the company’s future viability and competitiveness.

Citing significant financial and commercial challenges, Vodafone Spain attributed the planned job cuts to economic, production, and organizational issues. The company reported an 8% decline in total revenues and a loss of approximately 400,000 contract customers over the past two years.

“The voracity of a management incapable of devising real solutions to the real problems that have afflicted Vodafone Spain, and the inaction of an administration that did not ask for any guarantee for employment in the approval of the sale of Vodafone Spain to Zegona, come together,” the UGT union commented.

Vodafone Spain is the third-largest telecom operator in Spain, following the local units of Orange and Telefonica. Zegona, which has a history of acquiring and selling regional operators such as Telecable and Euskaltel in Spain, now faces the challenge of restructuring Vodafone Spain to restore its financial health.

Also Read, Report: Major Entities Hold 4.23 Million Bitcoin, Over 27% of Circulating Supply

Economists Divided on Federal Reserve’s Interest Rate Cuts Amid Inflation Surge

Nicholas Edwards

Nicholas Edwards is a passionate writer with a keen interest in sports and business news. With a knack for delivering insightful and engaging content, Nicholas keeps his finger on the pulse of the latest developments in these dynamic fields. His enthusiasm for both sports and business shines through in his writing, making complex topics accessible to a wide audience. Whether it's dissecting the latest game-changing play or analyzing market trends, Nicholas brings a fresh perspective and a wealth of knowledge to his articles. Email @ admin@bollywoodfever.co.in

Leave a Reply