Vodafone, Liberty line up to buy Spanish cable group, say sources-Reuters

(Reuters) – Vodafone and Liberty Global are competing to buy Spain’s largest cable operator, Ono, from its private equity owners, two people familiar with the situation said on Tuesday.

Ono had been planning an initial public offering this year in a bid to capitalise on a wave of investor interest in the growing cable sector, sources told Reuters earlier.

Investment funds Providence Equity Partners, Thomas H. Lee Partners, CCMP Capital Advisors, and Quadrangle Capital own 54 percent of Ono, according to the company’s website.

The funds are holding ongoing talks with Vodafone and Liberty, a person familiar with the situation said.

Spain is one of few European countries, along with France, where Liberty is not already present. Vodafone, for its part, has been acquiring broadband assets to allow it to offer bundled services to consumers and offload traffic from its mobile networks.

Ono posted a 15 million euro ($21 million) loss in the nine months to September and its TV business is losing clients as cash-strapped Spaniards cut leisure spending.

Ono, Vodafone, and Liberty declined to comment. The Financial Times reported Liberty’s interest in Ono earlier on Tuesday

Related Posts

Leave a Reply

PEHUB Community

Join the 12503 members of peHUB to make connections, share your opinion, and follow your favorite authors.

Join the Community

Look Who’s Tweeting

Psst! Got any hot tips?

  • This field is for validation purposes and should be left unchanged.

PE HUB News Briefs

RSS Feed Widget

Marketplace

VCJ Headlines (subscribers only)

RSS Feed Widget

Buyouts Headlines (subscribers only)

RSS Feed Widget

Reuters VC and PE feed

RSS Feed Widget