Catenaa, Sunday, February 01, 2026-Vodafone, MasOrange, and Telefonica have been discussing a potential joint venture to combine their mobile networks in Spain, Zegona CEO Eamonn O’Hare said Monday.
Talks began last year but were delayed as Zegona focused on fiber infrastructure projects, including Fiberpass and PremiumFiber joint ventures.
O’Hare said Zegona aims to create a single RANco joint venture to reduce inefficiencies, noting that the company manages a national mobile network with the same fixed costs as competitors that serve twice as many customers.
The plan would mirror the structure of existing fiber joint ventures, potentially including third-party investment.
While a partnership with MasOrange could be easier due to existing network-sharing arrangements, Telefonica offers greater synergies but would complicate negotiations.
The formation of a three-way RANco remains uncertain, with Zegona targeting completion within 12 to 18 months.
Zegona is prioritizing network transformation over mergers or acquisitions, aiming to align its valuation with competitors, increase cash flow to €1 billion, and develop the RANco.
Vodafone similarly plans to grow without acquiring smaller players, leaving companies like Avatel and Adamo vulnerable to market consolidation.
O’Hare indicated a potential stock market exit for Zegona in Spain could occur in three to four years, once the transformation process concludes, with no immediate plans for mergers or sales.
