Vodafone buys Spanish cable operator Ono for 7.2 billion euros

by bold-lichterman

Mergers and acquisitions in the telecoms sector are not limited to France and the sale of SFR. UK mobile operator Vodafone has reached an agreement with shareholders of Spanish cable operator Ono for a total acquisition worth $ 7.2 billion.

3.34 billion euros would be paid by the conglomerate in the form of debt recovery, the rest being settled in cash according to the Wall Street Journal. Vodafone explains that it hopes to complete the transaction during the third quarter of the year. The Spanish company recorded a net loss of 25 million euros in 2013 despite a 1.6% growth in turnover.

The operation, which has yet to receive the approval of the competition authorities, comes nine months after the acquisition of the German operator Kabel Deutschland for around ten billion euros.