Private equity-backed Ono approached by Vodafone


madrid 30_sqTelecom group Vodafone has reportedly approached private equity-backed Spanish cable company Grupo Corporativo Ono about a potential acquisition.

Vodafone has contacted ONO’s shareholders about a possible purchase, said Bloomberg, citing people familiar with the matter. ONO’s backers include Thomas H. Lee Partners, Providence Equity Partners, CCMP Capital Advisors and Quadrangle Capital Partners.

The company’s board would back an offer in the range of €7bn to €8bn, based on feedback from recent investor meetings, said one of the sources.

ONO’s directors plan to hire banks for the IPO by early March, depending on which can come up with a superior proposal to reorganize its debt to lower financing costs and a share sale could take place in April, said the report.

It was previously reported that Ono could be valued at €6.4bn in an IPO including debt, or 8.5 times its 2012 EBITDA.

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