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The news comes after the successful sale of Vodafone Spain to Zegona Communications for €5 billion
Vodafone has announced that its share buyback programme has begun.
Run by Goldman Sachs, the programme will continue until 29 November. The scheme was authorised at the company AGM last week.
“The sole purpose of the programme is to reduce share capital,” confirmed the company in a London Stock Exchange filing.
Back in March, the company confirmed that it would return £2 billion to shareholders after the successful sale of Vodafone Spain to Zegona Communications earlier this year.
The buyback is part of Vodafone’s ongoing restructuring plan, which includes a series of financial strategies aimed at enhancing value for shareholders. Despite these efforts, Vodafone’s shares have seen a nearly 10% decline year-to-date, reflecting a longer-term decrease in value over the past five years.
The news of the share buyback comes just days after the UK Competition and Markets Authority (CMA) pushed back the investigation deadline into the £15 billion Vodafone–Three merger that was announced last June. The new deadline is now 7 December this year, eight weeks later than expected. In a statement, the regulator explained that it needed additional time to assess the evidence, given the inquiry’s “very wide scope”.
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