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Vodafone to Buy Spanish Cable Operator Ono for $10 Billion



Vodafone Group Plc (VOD), the worlds second-largest wireless carrier, agreed to buy Spanish cable operator Grupo Corporativo Ono SA for 7.2 billion euros ($10 billion), including debt, to boost TV and broadband offerings.

The purchase gives Vodafone 1.9 million customers in Spain, complementing its mobile service and helping it challenge Telefonica SA (TEF) and Orange SA. (ORA) The deal will generate savings of about 2 billion euros and potential revenue addition of 1 billion euros, Newbury, England-based Vodafone said today.

Vodafone, which bought Germanys Kabel Deutschland Holding AG last year, is adding landline services to compensate for declining wireless revenue. The deal is part of Vodafone’s strategy to build a Europe-wide operation to seek growth and savings, said Robin Bienenstock, a Sanford C. Bernstein analyst. Read more…

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