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Jazztel confirms negotiations to buy TeliaSonera's Yoigo
2014-09-11 10:56:00| Telecompaper Headlines
(Telecompaper) Spanish operator Jazztel has confirmed recent press reports that it has begun discussions over the possible acquisition of a stake in TeliaSonera's Spanish mobile unit Yoigo. In a statement to Spain's market regulator CNMV, Jazztel said the talks were still "in an initial phase" and would not necessarily be followed by an offer. The statement adds that Jazztel would also seek to acquire the remaining shareholders' stake if required. The confirmation follows a report in Bloomberg that Jazztel was talking with advisers about a potential transaction to be financed with its own shares. However, the report added that the operator hadn't yet decided whether to proceed with an offer and wanted to avoid a bidding war with other interested parties, such as Orange Spain. Two months ago sources told El Economista that TeliaSonera would be satisfied with around EUR 700 million for Yoigo, some nine times the operator's EBITDA for 2013, but Bloomberg's sources say offers may value Yoigo at less than EUR 500 million.
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Category:Telecommunications