Vodafone agrees to buy Spanish network

March 17, 2014 05:22 pm | Updated June 07, 2016 08:45 am IST - LONDON

The British company will gain Grupo Corporativo Ono S.A.’s 1.9 million customers and a network that reaches as many as 7.2 million homes, or 41 per cent of the Spanish market. File photo:AP

The British company will gain Grupo Corporativo Ono S.A.’s 1.9 million customers and a network that reaches as many as 7.2 million homes, or 41 per cent of the Spanish market. File photo:AP

Vodafone, one of the world’s largest cellphone companies, has agreed to buy Spain’s Ono for 7.2 billion euros ($10 billion) as it seeks to expand operations in its primary European market.

The British company will gain Grupo Corporativo Ono S.A.’s 1.9 million customers and a network that reaches as many as 7.2 million homes, or 41 per cent of the Spanish market. Vodafone says Grupo has abundant spare capacity, allowing it to expand in the future.

Vodafone is flush with cash after agreeing last year to sell its stake in a U.S. venture to Verizon for $130 billion in cash and stock one of the biggest deals in corporate history.

Monday’s deal marks its second major acquisition in Europe, after its purchase of Kabel Deutschland last year.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.