Zegona Communications Plc has agreed to buy Vodafone Group Plc’s Spanish business for €5 billion ($5.3 billion) including debt.

To finance the deal, Zegona has raised debt financing of €4.2 billion and a committed revolving credit facility of €500 million, the company said in a statement on Tuesday. Vodafone will provide as much as €900 million financing through an investment vehicle which will buy new shares of Zegona.