MADRID, April 6 Spanish cable group Ono, which
agreed to a takeover offer from Vodafone last month,
will renegotiate the terms of its large debt pile, the head of
the British telecom group's business in Spain said in a
Ono, purchased by Vodafone for 7.2 billion euros ($9.9
billion) including debt, has around 3.4 billion euros of bank
loans and bonds.
"We will renegotiate the debt to obtain conditions that are
more compatible with our financial situation," Antonio Coimbra,
chief executive of Vodafone Spain, told El Pais newspaper on
He did not detail what structure or terms Ono and Vodafone
Coimbra said Vodafone hoped to get European Commission
approval for its Ono acquisition in three to four months.
He added that the company would seek to end, as soon as
possible, a contract Ono has with Spain's Telefonica
until the end of 2015, which allows it to use Telefonica's
mobile phone network.
Vodafone's acquisition of Ono has shaken up Spain's highly
competitive telecoms market, and could prompt more consolidation
as players such as France's Orange seek out deals to
avoid falling behind.
($1 = 0.7303 euros)
(Reporting by Sarah White; Editing by Anthony Barker)