Ono will go public “when conditions improve”

January 18, 2013 11.32 Europe/London By Julian Clover


Ono CEO Rosalía Portela says the Spanish cablenet is continuing to plan for a public offer when market conditions allow.

Speaking at Els Matins de Esade, Portela said an IPO remained an important part of the company’s plans, but the timing depended on the position of the Spanish economy, rather than anything internal.

The timing would depend on when the market improves and advice from the banks.

In April 2010, prior to the financial crisis, Portela suggested an IPO could take place within a year.

Only 12 months before ONO faced administration, before the new management team led by Portela began to turn the operator around.

The 2005 merger with Auna had left the company with a huge debt that was then compounded by an overly ambitious business plan.