January 17, 2019 / 6:35 PM / a month ago

Orange hires adviser to look into bid for Euskaltel - TMT Finance

MADRID, Jan 17 (Reuters) - French telecoms company Orange has hired Credit Suisse as an adviser to look into a potential bid for Spanish competitor Euskaltel, online newspaper TMT Finance reported on Thursday.

“Orange Group has hired a financial adviser to assist the French company in its bid to acquire Spanish operator Euskaltel. The bank is Credit Suisse,” Telecom Finance said, citing unidentified sources.

Orange, Credit Suisse and Euskaltel declined to comment.

Euskaltel has around 800,000 clients in northern Spain, and a market value of around 1.3 billion euros ($1.5 billion).

Its main shareholder is Spanish bank Kutxabank, which holds 21.3 percent, followed by British fund Zegona with a 15 percent stake.

Zegona said on Monday it was raising funds with the aim of increasing its ownership of Euskaltel by up to 12.5 percent.

$1 = 0.8780 euros Reporting by Andrés González; Edited by Ingrid Melander and Mark Potter

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