Ron Burgundy Posted March 17, 2014 Share Posted March 17, 2014 By Kate Holton LONDON (Reuters) - Vodafone has agreed to buy Spain's largest cable operator Ono for 7.2 billion euros ($10 billion), the latest hefty deal in a European telecoms sector starting to rebuild as the region recovers from a recession. The British group said on Monday it would use some of the $130 billion proceeds from the sale of its U.S. arm to acquire Ono, with a superfast cable network and 1.9 million customers, to create a stronger challenger to market leader Telefonica. The deal for private equity-owned Ono is Vodafone's third purchase of a European fixed-broadband asset in two years, following similar moves in Britain and Germany, enabling it to offer fixed-line and mobile services, pay-TV and broadband, while saving money on building and operating its networks. The agreement, which comes as the French market undergoes a similar transformation, could also spark more consolidation within Spain as players such as France's Orange seek out acquisitions to avoid falling behind. View the full article Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.