Vodafone spends £400m to snap up subsidiary

With another £1.2bn to come...

Vodafone has paid out £400m to buyout a minority shareholder in its Spanish subsidiary.. The deal sees the company acquire the 2.2 per cent stake owned by construction group Torreal because of a promise to buyout shareholders made at the height of the telecoms boom, reports the Daily Telegraph. The value of the shares plummeting since the agreement was made. The deal sees Vodafone's controlling stake in the company formerly known as Airtel to 98.3 per cent. Vodafone is also likely to face a £1.2bn bill to the last remaining shareholder. The subsidiary is valued at £18.2bn.