Vodafone is going through a challenging time in Spain.

In the presentation of quarterly results last February (corresponding to the last quarter of 2022), the British telecom company reported 9.8% less revenue compared to the same quarter of the previous year. At that time, the company attributed this to the price war in the market and the tariff increase implemented by Vodafone itself, but the situation has not improved.

The resignation of Colman Deegan, CEO of Vodafone Spain, at the beginning of the year triggered a crisis at the top of its executive leadership, which seemed to be resolved two months later with the arrival of a new CEO: Mário Vaz, who had been the CEO of Vodafone Portugal.

Vaz took office on April 1st, however, his arrival did not solve the problems the company had been facing for some time, and Vodafone might now be considering selling its business in Spain.

The final sprint for the ‘remedies’ of the MásMóvil and Orange merger: these are the best-positioned operators and their strategies.

This was reported by Expansión, which cited several sources familiar with the situation. They revealed that the telecom company is working with external advisors, such as Morgan Stanley or Garrigues, to evaluate the different options for its Spanish subsidiary.

According to this media outlet, the British parent company placed Vodafone Spain under “strategic review, considering all potential options” after a first-quarter earnings presentation that did not meet expectations.

Additionally, the Spanish subsidiary was downgraded at the beginning of the year, ceasing to be an independent unit—like Germany, the United Kingdom, and Italy—and becoming part of the European cluster. Apparently, Vodafone has already contacted some investment funds interested in buying its business in Spain, such as Apollo Global Management or Apax Partners.

According to Expansión, the subsidiary could be worth around 3.9 billion euros.