Green light for ONO IPO
March 13, 2014
From David Del Valle in Madrid
ONO’s shareholders meeting has given its go-ahead to the flotation of the company on the Stock Market.
In parallel, the cable company is holding talks to Vodafone about its €7 billion acquisition bid, with both parties reportedly very close to reaching an agreement. A possible deal could stop the IPO process in a later phase.
ONO will issue approximately €1.1 billion in stakes, out of which €800 will correspond to a sale public offering through a capital enlargement in an attempt to tackle its €3.4 billion debt. The remaining €300 million will be sold by the current shareholders.