Spanish investment firm mulling ONO stake sale?

25 Sep 2013

Spanish investment holding company Val Telecomunicaciones SL is said to be seeking a buyer for its holding in local cableco Grupo Corporativo ONO, Reuters reports, citing five people familiar with the matter. It is claimed that Val Telecomunicaciones has hired Jefferies Group LLC to find a buyer for its 5.4% stake in ONO, which has been valued at around EUR120 million (USD162 million). However, two people familiar with the matter have suggested that the sale of a minority stake may prove difficult, as other ONO shareholders are said to have a right to acquire it, which could deter other potential buyers. The mooted stake sale is, meanwhile, said to be of some significance in light of other recent high-profile acquisitions involving European cable companies – such as Liberty Global’s purchase of Virgin Media – as it would put a value on ONO. Officials at Val Telecomunicaciones have not issued a statement regarding the rumours, however, while Reuters noted that a representative from Jefferies declined to comment.

Spain, Grupo Corporativo ONO