Telefonica may offer EUR700 million for controlling stake in ETB

11 Feb 2010

Spanish telecoms giant Telefonica may offer EUR700 million (USD962 million) to acquire a controlling stake in Colombian telecoms operator ETB, writes BNamericas citing local paper La Republica. The Bogota municipality currently holds 86.59% of ETB, while minority shareholders have the remainder. ETB needs a partner to bring in more capital in order to better compete in the increasingly competitive telecoms market. The telco plans to sell new shares, equivalent to a 36.6% stake.

According to previous press reports, ETB expects to select its strategic partner in April. Telefonica Colombia is also reportedly interested in the telecoms unit of state-owned utility Emcali.