Zegona Communications Plans to Lay off Up to a Third of Vodafone Spanish Unit

Dow Jones06-12

By Najat Kantouar

Zegona Communications plans to reduce Vodafone's Spanish unit headcount by up to 1,198 people, or 36% of its total staff, following the implementation of an employment regulation plan.

The U.K. telecommunications company--who acquired Vodafone Spain for 5 billion euros ($5.37 billion) in May-- said on Wednesday that the adjustment is the only formula to guarantee the company's viability and competitiveness. It said that the layoffs follow an 8% revenue decline and the loss of 400,000 contract customers in the last two years.

Vodafone Spain is also due organizational and operational changes, Zegona said.

It added that the process will be handled with a responsible attitude and dialogue to reach the best possible agreement for all parties.

At 1318 GMT, Vodafone Group shares were down 0.18 pence, or 0.3%, at 69.90 pence. Zegona Communication share were up 10 pence, or 3.7%, at 280 pence. Year-to-date, shares have risen 2% and 51%, respectively.

Write to Najat Kantouar at najat.kantouar@wsj.com

(END) Dow Jones Newswires

June 12, 2024 09:37 ET (13:37 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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