Liberty Global said to have joined the race for ONO

29 Jan 2014

Following on from reports earlier this week that claimed Vodafone Group is considering the acquisition of Grupo Corporativo ONO, Reuters reports that the UK-based company could face competition from Liberty Global in the race for the Spanish cableco. Citing two unnamed people familiar with the situation, it has been claimed that Investment funds Providence Equity Partners, Thomas H. Lee Partners, CCMP Capital Advisors, and Quadrangle Capital, which together own a combined 54% stake in ONO, are holding ongoing talks with both Vodafone and Liberty Global. However, with ONO still examining its options for an initial public offering (IPO), and with suggestions that the cableco has enterprise value of EUR7.1 billion (USD9.8 billon), one banking source was cited as saying that the suitors could have to come in with a bid between ten and twelve times that amount should they want to win out over the plan to list the company.

Spain, Grupo Corporativo ONO, Liberty Global (incl. LGI), Vodafone Group