Auna snaps up Netco Redes’

5 Mar 2004

Spain’s Auna Group has agreed to buy Spanish network operator Netco Redes’ from Union Fenosa and Telecom Italia for EUR100 million, plus the assumption of EUR47 million of debt. The deal, which requires a rubber stamp from the competition watchdog, will give Auna access to Netco Redes’ rights to use 11,000km of fibre-optic cable on the country’s power grid and rights of way over 18,000km of electricity lines. Netco Redes’ was established in 1997 with Endesa taking a 50.55% stake. In 2003 it posted revenues of EUR23 million.