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Vodafone confirms 7.2bn Ono buy
2014-03-17 01:00:00| Total Telecom industry news
U.K. mobile operator continues fixed-line push with Spanish cable acquisition; analyst predicts Italy, Netherlands could be next on Voda's list.
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Vodafone Said to Reach $10 Billion Deal to Acquire Spain's Ono
2014-03-17 00:03:01| Telecom - Topix.net
Vodafone Group Plc agreed to buy Spanish cable operator Grupo Corporativo Ono SA for about 7.2 billion euros as the world's second-largest mobile carrier boosts investments in television and broadband, according to people familiar with the matter.
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Vodafone agrees deal to buy Ono for over EUR 7 bln - report
2014-03-14 09:36:00| Telecompaper Headlines
(Telecompaper) The shareholders of Spanish cable operator Ono have approved plans for an initial public offering as some Spanish press sources, including business daily Expansion and online newspaper El Confidencial, report that Vodafone has had a bid of around EUR 7.2 billion accepted by the Spanish company. The increased offer, which includes Ono's net debt of around EUR 3.3 billion, is Vodafone's third bid for the operator, which continued working on alternative plans for a flotation after rebuffing previous offers of EUR 6 billion and EUR 6.5 billion. The new bid is around 10 times Ono's EBITDA for 2012 of EUR 752 million and is said to have convinced Ono's key shareholders including Providence Equity Partners, Thomas H. Lee Partners, CCMP Capital Advisors LLC and Quadrangle Capital Partners, which hold about 54.4 percent of the operator. Neither party has made any official announcements regarding the takeover which, according to Expansion, could be finalised by 17 March after the full equity value of the deal, as well as compensation for antitrust issues and the cost of upgrading customers or networks, are agreed upon.
Ono IPO gets OK, but Voda buy still on
2014-03-13 01:00:00| Total Telecom industry news
Vodafone seen making a 7 billion-plus binding bid for Spanish cable operator.
Vodafone ups offer for Ono in preliminary deal - report
2014-03-10 09:16:00| Telecompaper Headlines
(Telecompaper) Vodafone has raised its offer for Spanish cable operator Ono to EUR 7 billion including debt and has reached a preliminary agreement to buy the company, reports Reuters citing unnamed sources close to the matter. Ono is said to have opened its books to allow Vodafone to initiate an accelerated due diligence process ahead of its shareholders meeting on 13 March. However, until Vodafone makes a firm offer to all shareholders, Ono intends to continue working on alternative plans for an IPO, which is due to be formally presented at next week's meeting. The Spanish operator previously rebuffed offers of EUR 6 billion and EUR 6.5 billion as too low and the sources suggest that Vodafone's revised bid will have to be substantially higher to persuade Ono's shareholders to drop the flotation. In fact, according to one of the sources, an offer would have to be in line with recent cable deals in the Netherlands, where Liberty Global agreed to pay 11.3 times EBITDA for Dutch rival Ziggo, and Germany, where Vodafone paid 11.9 times EBITDA for Kabel Deutschland. Ono's EBITDA for 2012 was EUR 752 million, so applying an 11 times multiple on it would translate to a Vodafone bid of around EUR 8.2 billion.