A shareholder in Spanish cableco Ono, Val Telecomunicaciones, is reportedly looking to sell its 5.4% stake in the privately-held company.
A sale price would indicate the market’s valuation of the Madrid-based telco, which will look at an initial…
A shareholder in Spanish cableco Ono, Val Telecomunicaciones, is reportedly looking to sell its 5.4% stake in the privately-held company.
A sale price would indicate the market’s valuation of the Madrid-based telco, which will look at an initial public offering when economic conditions improve.
Val has hired Jefferies to sell the stake, Bloomberg reported citing five people familiar with the matter.
The shares could be sold for €120m (US$162m), giving Ono a market capitalisation of €2.2bn (US$3bn), sources in the report said.
British telco Vodafone Group, which has mobile operations in Spain, and the highly-acquisitive Liberty Global have both been touted as potential acquirers.
However Ono shareholders have the first option to buy the stake, the report said. Its largest shareholders are CCMP Capital and Providence Equity Partners, with 15.2% each, as well as Thomas H. Lee Partners with 15%, General Electric Structured Finance with 9% and Quadrangle Capital Partners, also with 9%, according to Ono’s 2012 annual report.
