Vodafone has today (May 31) completed the sale of its Spanish business to UK investment firm Zegona for €5 billion ($5.4bn).

First announced in October, Vodafone’s consideration will comprise at least €4.1 billion ($4.5bn) in cash and up to €900 million ($980m) in Redeemable Preference Shares.

Vodafone chief executive Margherita Della Valle said at the time that the sale "is a key step" in its strategy to shed some of its European assets, just months after it agreed to sell its Italian business to Swisscom for €8 billion ($8.7bn).

Despite the sale, Vodafone said it will still provide certain services in Spain, and will continue to have a presence through its Innovation Hub in Málaga.

The telco has focused on streamlining its operations, specifically focusing on Germany and the UK, where it's currently set to merge with CK Hutchison's Three as part of a $15bn ($19bn) deal.

Vodafone has around 13.5 million mobile customers in Spain. The telco has previously failed to secure a merger with MásMóvil, as MásMóvil instead struck a merger deal with Orange.

Founded in 2015, Zegona was set up by former Virgin Media executives Eamonn O'Hare and Robert Samuelson to invest in European telecom opportunities.