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Vodafone buys Spain's Ono in bid for 'quad play' market | Vodafone buys Spain's Ono in bid for 'quad play' market |
(about 2 hours later) | |
Mobile phone giant Vodafone stepped up its expansion in Europe on Monday by unveiling a £6bn deal to buy Spanish cable operator Ono. | |
The acquisition of Ono, which offers high-speed broadband and pay TV to 1.9 million customers in 13 regions of Spain, builds on Vodafone's purchase of Kabel Deutschland for around £6.5bn last summer. | The acquisition of Ono, which offers high-speed broadband and pay TV to 1.9 million customers in 13 regions of Spain, builds on Vodafone's purchase of Kabel Deutschland for around £6.5bn last summer. |
Vodafone's latest swoop comes as it looks to spend some of the proceeds from the $130bn (£78bn) sale of its stake in US mobile phone operator Verizon Wireless. | |
Vodafone is growing strongly in emerging markets such as India, but its European business has been weighed down by economic conditions, competition, and regulator-imposed price changes. | Vodafone is growing strongly in emerging markets such as India, but its European business has been weighed down by economic conditions, competition, and regulator-imposed price changes. |
Furthermore, the sector's focus has been shifting towards "quad play", which involves providing bundles of phone, broadband, mobile and pay-TV services. | |
Vodafone chief executive Vittorio Colao said: "Demand 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." | Vodafone chief executive Vittorio Colao said: "Demand 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." |
Ono has a current reach of 7.2 million homes – about 41% of all homes in Spain – providing its customers with broadband speeds in excess of 200 Mbps and a pay-TV service through TiVo. | Ono has a current reach of 7.2 million homes – about 41% of all homes in Spain – providing its customers with broadband speeds in excess of 200 Mbps and a pay-TV service through TiVo. |
Its network will complement Vodafone's fibre-to-the-home build programme, which will be refocused towards areas where Ono has limited or no network. | Its network will complement Vodafone's fibre-to-the-home build programme, which will be refocused towards areas where Ono has limited or no network. |
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