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Comcast confirms Time Warner Cable takeover for USD 45 bln
2014-02-13 13:08:00| Telecompaper Headlines
(Telecompaper) Comcast has agreed to acquire Time Warner Cable, in a deal valuing the US' second-largest cable operator at USD 45.2 billion. TWC agreed to the offer worth USD 158.82 per share, after earlier rejecting a bid of USD 132.50 per share from the smaller Charter Communications. Comcast will pay all in stock for TWC, offering 2.875 of its own shares for each TWC share, giving TWC shareholders 23 percent of the combined company. The companies expect to generate synergies of USD 1.5 billion from integrating their operations; including these synergies, Comcast said the deal values TWC at 6.7 times operating cash flow. Comcast said it will sell operations with around 3 million subscribers in order to keep its market share below 30 percent after the takeover. This will give it a net 8 million new customers from TWC, for a total base of 30 million. Pending regulatory and shareholder approval, the deal is expected to close by the end of 2014.
Comcast agrees USD 44 bln bid for Time Warner Cable - report
2014-02-13 09:18:00| Telecompaper Headlines
(Telecompaper) Comcast has agreed to acquire Time Warner Cable for about USD 44 billion in an all-stock deal, according to multiple press reports in the US. Comcast is offering a premium of around 18 percent on TWC's last closing share price, valuing the company at EUR 159 per share. This beats an earlier offer of USD 132.50 from Charter Communications, which TWC deemed inadequate. The deal to merge the two largest cable operators in the US will likely require Comcast to sell off some assets. One source told Bloomberg that Charter is unlikely to match Comcast's bid but will look to acquire some of the assets Comcast would sell. Comcast is expected to offer to divest about 3 million subscribers to keep its market share below 30 percent and secure regulatory approval for the merger.
Vodafone CEO sees USD 30-40 bln available for acquisitions
2014-02-11 09:18:00| Telecompaper Headlines
(Telecompaper) Vodafone Group could spend up to USD 30-40 billion on acquisitions in coming years and no deal should be too big if it makes strategic sense, CEO Vittorio Colao said. Colao told reporters he was exploring possibilities for big acquisitions on top of investments in Vodafone's existing business, to be financed with the proceeds from selling the company's 45 percent stake in Verizon Wireless. He said the company was looking at "sizeable" acquisitions that could "transform the company", Reuters reported from a a media roundtable in New York. The operator could have up to USD 40 billion for takeovers, after it returns most of the Verizon proceeds to shareholders and invests USD 30 billion in its network over the next two years. This is based on debt of 2x annual EBITDA. While the CEO was careful not to name any acquisition targets, he said Vodafone is keen to build up its fixed-line assets in Europe, its enterprise business around the world and its mobile business in emerging markets. Colao estimates that Vodafone has 16-17 percent of the total telecommunications market and that it could increase this to 20-23 percent. The CEO sees the best chances to buy mobile assets in emerging markets, as Vodafone could have trouble getting many deals past regulators in Europe because of its size there.
Vodafone makes formal EUR 7 bln bid for Ono report
2014-02-10 09:37:00| Telecompaper Headlines
(Telecompaper) Vodafone has made a formal bid to acquire Spanish cable operator Ono for around EUR 6.9 billion, reports Spanish business daily Expansion, citing unnamed sources close to the matter. The binding offer for 100 percent of the capital will be studied at Ono's board meeting on 11 February, which was initially scheduled to choose the investment banks that would advise the company on its plans to float on the stock exchange. However, rather than pressing ahead with the IPO, Ono's owners, which include private equity investors Thomas H Lee Partners, Providence Equity Partners, Quadrangle and CCMP Capital, may opt for a straight buyout. If the sale goes ahead at the reported price, Ono's shareholders would receive around EUR 3.48 billion, in view of the company's debt of around EUR 3.42 billion.
Vodacom Group revenue rises 10.5% to ZAR 20.2 bln
2014-02-05 09:11:00| Telecompaper Headlines
(Telecompaper) Vodacom Group revenue for the third quarter ended 31 December 2013 rose by 10.5 percent to ZAR 20.22 billion. Group service revenue increased 6.4 percent to ZAR 16.25 billion, up 3.4 percent on a normalised basis and in line with its guidance. Group data revenue increased 40.7 percent to ZAR 3.61 billion, accounting for 22.2 percent of service revenue. Group active customers grew 12.3 percent to 56.0 million and active data customers grew 27.9 percent to 23.7 million.
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