Finetwork control by Vodafone voided by Alicante court

The Provincial Court of Alicante voided in 2025 the restructuring plan that had allowed Vodafone Spain to take majority control of Wewi Mobile, the parent company of Finetwork. The ruling also cancels the capital increase already registered in Spain's Commercial Registry. Following the decision, Finetwork's founding shareholders, led by KAI Capital, said they had resumed control of the company with immediate effect.

After the court ruling, the reinstated governing body of Finetwork revoked José Miguel García, CEO of Vodafone Spain, from his role as sole director of the Alicante-based operator. The founders said Vodafone's period of control created legal uncertainty and said they had opened an internal investigation. They also said they could pursue civil or criminal action if they find evidence of breaches of duty, loyalty obligations, or disloyal management.

The dispute stems from Finetwork's technical insolvency and unpaid network access bills to Vodafone in 2024, which created debt of more than €50 million. Vodafone then used a restructuring plan to convert that debt into equity, taking more than 90% of Finetwork's capital at a valuation of €10 million. The Alicante court found substantial procedural defects, including the lack of a solid technical report on the company's going-concern value. Vodafone, which is owned by Zegona, said it disagreed with the ruling, said its actions complied with the law and a first-instance judicial approval obtained in 2025, and said it would appeal through all possible courts, including the Constitutional Court.

Related questions

• Why did the Provincial Court of Alicante void Vodafone Spain's control of Finetwork?
• How much debt did Finetwork owe Vodafone when the restructuring plan was executed?
• Who regained control of Finetwork after the Alicante court ruling?
• What ownership stake did Vodafone obtain in Finetwork under the voided restructuring plan?