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business

Vodafone moves closer to €7.2 billion deal with cable company Ono

British operator wants to compete with Telefónica in Spanish market, say sources

Vodafone had previously offered €7 billion for Ono.
Vodafone had previously offered €7 billion for Ono.SERGIO PEREZ (REUTERS)

Vodafone has reached a preliminary agreement to acquire telecommunications operator Ono for €7.2 billion, sources with knowledge of the transaction said Friday.

The agreement, which is yet to be finalized, came one day after Ono stockholders had agreed to float the company on the Spanish market – a move that will now be postponed due to the planned deal with British-owned Vodafone.

Last August, Vodafone, which has been advised by Morgan Stanley over the deal, offered €7 billion for Ono, which was rejected by the company’s stockholders who found the bid too low.

According to industry sources, Vodafone had been interested in acquiring Ono because it wanted to enter the Spanish cable TV market in Spain to compete with the country’s largest operator, Telefónica.

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