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Vodafone hires Evercore to sell stake in Spain’s fixed network

British telecom group Vodafone has picked investment bank Evercore (EVR.N) to sell a stake in its fixed network in Spain, newspaper Cinco Dias reported on Tuesday, citing unidentified market sources with knowledge of the process.

The process was still at an “embryonic stage”, Cinco Dias said, citing the sources.

By selling the network, the group seeks to reduce the pressure on its Spanish business and deflect criticism from investors, the report said.

Cut-throat competition in the telecom industry is leaving Vodafone struggling to keep up just as the transition to a faster 5G mobile network requires heavy investment.

Vodafone said on Monday it had started talks to merge its business in Britain with CK Hutchison and has recently announced the acquisition of smaller rival Nowo in Portugal.

Evercore did not immediately respond to a request for comment. A Vodafone spokesperson declined to comment. Reuters

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