Vodafone bids for ONO
The UK’s Vodafone Group has put forward a €7 billion takeover bid for Spanish operator ONO, according to local reports.
Vodafone’s offer will be discussed by ONO’s main shareholders at a board meeting scheduled for tomorrow.
The bid follows several weeks of discussion between Vodafone and ONO, as well as the news that cable company Liberty Global is also preparing a bid for the Spanish company.
Quadrangle Capital, Thomas H Lee Providence Equity Partners and CCMP are the existing owners of ONO, which delivers telephone, television and internet services and recorded revenues of €1.57 billion in 2012.
Vodafone’s offer follows the sale of its stake in Verizon Wireless in the US, as the UK company looks to boost its European business.
Vodafone also acquired Germany’s Kabel Deutschland for €7.7 billion in October last year.
Spokespersons for both Vodafone and ONO declined to comment.