\nVodafone, flush with cash from the sale of its US joint-venture stake to partner Verizon for $130 billion, said the Ono deal was a \u201csignificant opportunity\u201d to create Spain\u2019s top integrated services provider.
\n\u201cThe combination of Vodafone and Ono creates a leading integrated communications provider in Spain and represents an attractive value creation opportunity for Vodafone,\u201d said chief executive Vittorio Colao in a statement.
\n\u201cDemand for unified communications products and services has increased significantly over the last few years in Spain, and this transaction … will accelerate our ability to offer best-in-class propositions in the Spanish market.
\n\u201cWe look forward to welcoming the management and employees of Ono to Vodafone and working together to serve our customers across Spain.\u201d
\nThe transaction, worth the equivalent of \u00a36.0 billion, is expected to complete in the third quarter of this year but remains subject to regulatory approval.
\nOno, which has about 1.9 million customers, has struggled to compete in Spain with Telefonica, Jazztel and other firms that bundle in-home services.
\nVodafone meanwhile has about 14 million customers in Spain, but faces fierce competition.
\n\u201cThis transaction reflects Ono\u2019s attractive position as Spain\u2019s leading provider of high speed broadband, premium pay-TV and fixed communications said Jose Maria Castellano Rios, chairman of the Ono board of directors, in Monday\u2019s statement.
\n\u201cAs part of Vodafone, Ono will continue to seize new growth opportunities and deliver the quality that our customers expect.
\n\u201cThe enlarged business is also expected to drive innovation in the Spanish telecommunications industry.\u201d The statement meanwhile followed weekend media reports that Vodafone had reached a deal.<\/p>\n","protected":false},"excerpt":{"rendered":"