Spanish operator Telefonica is interested in snapping up a controlling stake in state owned telco Empresa de Telecomunicaciones de Bogota (ETB), according to Colombian reports.
La Republic newspaper reported that Telefonica is mulling an acquisition of a…
Spanish operator Telefonica is interested in snapping up a controlling stake in state owned telco Empresa de Telecomunicaciones de Bogota (ETB), according to Colombian reports.
La Republic newspaper reported that Telefonica is mulling an acquisition of a majority stake in ETB, and that also the telecoms division of Colombian state owned utility firm Emcali could be a potential takeover target.
The search for a strategic partner for ETB is due to take place in April 2010.
A decision is due around April 5 2010, the telco stated in a filing to the regulator in early January. ETB was due to carry out the sale of a stake in the company in mid October 2009, but the process was delayed due to union protests over potential layoffs.
ETB is set to sell off a 36.6% stake in the company to the highest bidder, as well as voting control of the telco. ETB is currently 86.59% controlled by the Bogota city council, with the remaining 13.41% held by minority shareholders. Plans are for the city council to retain a 51% stake in the telco but sell off a stake along with the majority of the voting shares.
