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Vodafone to acquire Ono for EUR 7.2 bln
2014-03-17 08:36:00| Telecompaper Headlines
(Telecompaper) Vodafone has agreed to acquire Ono for a total consideration equivalent to EUR 7.2 billion (GBP 6 billion) on a debt and cash free basis. Via the acquisition of Ono, Vodafone seeks to accelerate its unified communications strategy in Spain, providing a significant time-to-market advantage and network reach that is complementary to Vodafone Spain's ongoing FTTH build programme.
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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.
Telefonica simplifies structure, plans EUR 1.5 bln savings
2014-02-26 17:03:00| Telecompaper Headlines
(Telecompaper) Telefonica has announced a major structural reorganization that will see the integration of its Europe, Latin America and digital divisions into a new Global Corporate Centre, with greater visibility handed to local operations with a view to bringing them closer to the group's decision-making centre. The company will also create the new position of chief commercial digital officer, who along with the chief global resources officer will report to COO Jose Maria Alvarez-Pallete. In a statement Telefonica confirmed that Pallete will oversee operations across Europe and Latin America and Santiago Fernandez Valbuena, former head of Latin America, will become strategy chief and remain a board member. The company's CEOs in Spain (Luis Miguel Gilperez), Brazil (Antonio Carlos Valente), the UK (Ronan Dunne) and the yet to be appointed successor to Rene Schuster in Germany will become part of the company's executive committee. Telefonica also announced a EUR 1.5 billion cost-savings programme for the coming years, which doesn't include synergies from its proposed acquisition of German operator E-Plus. The company has sold assets in Ireland, the Czech Republic and China in the past couple of years in an effort to cut debt and improve its financial position and credit ratings.
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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.
DT pledges EUR 1.2 bln investment in OTE
2014-02-02 21:11:00| Telecompaper Headlines
(Telecompaper) The new CEO of Deutsche Telekom, Tim Hoettge, and Claudia Nemat, DT's board member responsible for Europe, met with the CEO of Greek operator OTE Michael Tsamaz and the Greek Prime minister Antonis Samaras to discuss the group's investment and strategic plans in Greece. DT said it plans to invest EUR 1.2 billion in OTE group in the coming four years. Hoettges noted that DT is confident in the prospects for OTE group and the country. OTE is a strategic investment for DT with a long-term horizon, he said. Separately, the Greek paper eKathimerini reported, citing two people familiar with the matter, that the German operator made an offer to buy a 10 percent stake in OTE held by the Greek government. DT already holds 40 percent in OTE. It was not clear how much DT offered for the stake. OTE has a market capitalisation of around EUR 5.4 billion.
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