Vodafone has lodged a binding and effective bid of €6.9 billion for Ono, Spain’s leading cable operator.
Quoting sources close to the matter, Expansion says it includes debt, is fully in cash and will be discussed by Ono’s board tomorrow (February 11).
It adds that the proposal is subject to an audit (due diligence) and the subsequent approval of regulators.
Should Ono be sold at that price, it would give shareholders around €3.480 billion, as the company has debts of €3.417 billion.
It would also allow the private equity groups CCMP, Providence, Thomas H. Lee and Quadrangle, who control 54% of Ono, a high degree of profitability.
Having put €1 billion into the company in 2005, they would now receive around €1.880 billion.
Vodafone’s bid is by no means certain to succeed, with some shareholders favouring an IPO later this year that could raise more money.
Liberty Global is also still in the frame, with the company, according to a report in the Financial Times last month, having also entered into talks with Ono about a possible sale for in the region of €7 billion.
