Spain's Ono hires Deutsche Bank, JPMorgan for IPO - source
MADRID Feb 21 (Reuters) - Spain's largest cable operator Ono has hired Deutsche Bank and JPMorgan to coordinate its plans for a stock market flotation, a source with knowledge of the situation said on Friday.
Ono, which sells fixed and mobile phone, TV and internet services, has been preparing a 7 billion euro ($9.6 billion)listing to capitalise on strong investor interest in European cable firms.
"A number of names have been rumoured, but these two banks have the mandate," the source said.
Ono declined to comment. The telecoms group will hold a shareholders' meeting on March 13 to formally approve the initial public offering (IPO).
Private equity funds Providence Equity Partners, Thomas H. Lee Partners, CCMP Capital Advisors and Quadrangle Capital own 54 percent of Ono. Spanish bank Santander holds 4.4 percent.
Ono believes it has an enterprise value of around 7 billion euros, including debt worth 3.4 billion euros. Based on this, around 25 percent of the company would float on the stock exchange after the listing, a separate source, who had been briefed on the board's talks, said.
Ono's private equity owners had also been approached by Britain's Vodafone with a takeover offer, sources have previously told Reuters.
But the company's board decided earlier this month to press on with the IPO plans and did not discuss takeover proposals, putting pressure on potential bidders to up their offers.