Vodafone has completed the sale of its Spanish operations for £4.3bn, helping to clear the way for its proposed merger with rival Three.
The division was sold to London-based telecommunications investor Zegona.
Vodafone CEO Margherita Della Valle is spearheading a turnaround plan and trying to streamline its operations to improve performance.
Streamline operations: Vodafone CEO Margherita Della Valle spearheads recovery plan
Last year, the telecoms giant also exited its Hungarian and Ghanaian divisions and sold its stake in the Vantage Towers phone masts business for £7.4bn.
The shares closed up 1.1 per cent yesterday at 75.62p. Zegona shares fell 2.3 per cent to 254 pence.
Eamonn O’Hare, president and chief executive of Zegona, said he hoped to “transform the (Spanish) business and return it to growth”.