ONO close to IPO

January 21, 2014 10.43 Europe/London By Julian Clover

Ono New HQSpanish cablenet ONO is moving closer to its much-anticipated IPO. The financial press is reporting that the operators will choose between Deutsche Bank and JPMorgan Chase & Co to lead the process.

Initial talks took place in December with a view to an offer being made in the next few weeks, should the company go ahead.

Cable stocks are on a high following last June’s €7.7 billion acquisition by Vodafone of the German giant Kabel Deutschland. Numericable made a strong showing following its €652.2 million placing and the Dutch cable operator Ziggo is now also in play from Liberty Global.

Current investors in Ono include the private equity groups Providence Equity Partners and Thomas H Lee.

ONO has approximately 1.9 million residential customers.