MADRID Feb 21 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
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.