ONO stays on track to go public

Juan Fernandez Gonzalez | 12-02-2014

ONO's board of directors has not discussed Vodafone's possible acquisition of the company, focusing instead on its plans to go public before the summer.

According to ONO, its plan to launch on the stock market is the company's No 1 priority and will be approved by stakeholders in their next meeting on 13 March. Vodafone's offer wasn't even discussed in the board's meeting yesterday (11 February), which exclusively focused on the company's plans to go public.

However, this doesn't mean that Vodafone's plans have been rejected. Although the offer has not been confirmed by the telco, The Sunday Times has valued it at €7,000 million, half of which would pay off ONO's debt, which is of most concern to ONO's stakeholders.

The cable operator's capital stock is formed by CCMP Capital (15.2%), Providence (15.2%), Thomas H Lee Partners (15%), Quadrangle Capital Partners (9%), General Electric (9%), Caisse de Dépôt et Placement du Québec (6.8%), holding Multitel (6%), VAL Telecomunicaciones (5.4%), OTPP Power Luxembourg (4.8%) and Grupo Santander (4.4%).

According to the Financial Times, John Malone's Liberty Global has also shown interest in buying the Spanish company.

ONO leads the Spanish cable market with nearly one million TV subscriptions, over 1.5 million Internet customers, 1.8 telephony customers and one million mobile subscribers. Their fibre network reaches over seven million homes throughout the country.