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Vodafone agrees 7.2 billion euro deal to buy Spain’s Ono

17
Mar
2014

By Kate Holton LONDON (Reuters) – Vodafone Group Plc has agreed to buy Spains largest cable operator Ono for 7.2 billion euros (6.02 billion pounds), in the latest move by the British group to rebuild its European operations with a broadband offering. Vodafone said on Monday the deal would enable it to offer a combination of mobile and fixed-line telephony, pay-TV and broadband in one of its largest European markets, hit hard by fierce competition and the effects of a lengthy recession. The deal for private equity-owned Ono is Vodafones third purchase of a European fixed-broadband asset in two years, allowing it to offer an increasing range of services and offload some of its mobile traffic on to Onos cable network. The combination of Vodafone and Ono creates a leading integrated communications provider in Spain and represents an attractive value-creation opportunity for Vodafone, the latters Chief Executive Vittorio Colao said.

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