Vodafone Looks to ONO

SPANISH cable group ONO looks like it will be sold to British telecommunications group Vodafone.

According to Reuters “people with knowledge of the discussions” said that a preliminary deal was reached today (Friday).

No price has been announced, but it is thought it would have to be substantially higher than the €7 billion the company was being prepared to be listed at.

The purchase, if it goes through, is part of a plan to expand and improve its European business after the sale of its US arm for $130 billion (€93.8 billion) last year.