Vodafone resumes negotiations to buy Ono
Vodafone, an FTSE-100 telecoms company, has resumed takeover discussions with Spanish cable operator Cableuropa SA (Ono), Sky News reported on 3 March.
Vodafone is said to have recently resumed talks with Ono’s private equity backers about a deal that would value Ono at about EUR 7bn (USD 5.08bn), according to Sky News' City editor Mark Kleinman, who did not cite a source.
Kleinman described the talks as tentative and said it is understood that Vodafone is not optimistic about the prospects of persuading Ono’s owners to abandon a proposed listing and instead agree to a takeover by the UK-based telecoms giant.
Vodafone saw an initial offer for Ono rejected in February, the report added.
Kleinman went on to quote an insider, who said on 3 March that Vodafone will not overpay for Ono.
A report in Spanish newspaper Expansion on 8 February said private equity firms CCMP Capital Advisors, Providence Equity Partners, Thomas H Lee Capital and Quadrangle hold a combined stake of 55% in Ono.
Source Sky News, Expansion