The CNMC has approved in the first phase the acquisition of exclusive control of Vodafone in Spain by Zegona Communications. The acquisition allows Zegona to gain control of Vodafone's subsidiaries in Spain. The parties involved are Zegona, a European investment vehicle in the technology, media, and telecommunications sector, and Vodafone, a subsidiary of Vodafone Group Plc. The CNMC determined that there are no horizontal or vertical overlaps between the activities of the parties in Spain, and therefore the concentration does not significantly alter the structure of the affected markets. The approval was granted without any commitments.