Vodafone, one of the world's largest network providers, has agreed to pay EUR 7.2 billion to acquire Spanish firm Ono.

The acquisition is seen as an attempt by the British telecom firm to expand its operations in European market.

Vodafone will gain Grupo Corporativo Ono S.A.'s 1.9 million customers and a network that has it reach in 7.2 million homes, or 41 per cent of the Spanish market.

Vodafone has all the cash in the world after the company last year agreed to sell its stake in a U.S. venture to Verizon for USD 130 billion in cash and stock.

This deal was one of the biggest in corporate history.

Vodafone's deal to acquire Ono is its second major acquisition in Europe after it purchased Kabel Deutschland in 2013.