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CVC takes 35 per cent stake in Spanish cable operator

15 Apr 2010

CVC Capital Partners has taken a 35 per cent stake in R, a Spanish cable operator with a focus on Galicia in the northwest of the country.

The deal, which takes the form of an equity investment, values the company at €675m. The firm may also increase its stake by buying shares from savings bank Caixanova, which remains the reference shareholder with 65 per cent of the company, which could see the firm acquiring up to 70 per cent of R in the coming months.

R began operations in 2000 with the objective of building from the ground up a modern telecommunications infrastructure in Galicia based on fibre optics. The company has 140,000km of cable deployed in 74 communities across Galicia, and provides mobile telephony, internet, multichannel television and advanced telecommunications services.

The company posted an operating income of €209.4m, with EBITDA of €93m and net profit of €23m.

CVC is also planning to list a Spanish company, food can manufacturer Mivisa Envases, for €500m.

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