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    Telefónica to float O2 and infrastructure business after merger knock-back

    This is a discussion on Telefónica to float O2 and infrastructure business after merger knock-back within the O2 / Be Customer Information forums, part of the Sky Broadband help and support category; Telefónica*to float O2 and infrastructure business after merger knock-back Telefónica has kicked off plans to float O2 after it failed ...

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      Telefónica to float O2 and infrastructure business after merger knock-back

      Telefónica*to float O2 and infrastructure business after merger knock-back
      Telefónica has kicked off plans to float O2 after it failed to merge the UK mobile network with Three earlier this year. The Spanish group was denied a £10.25bn payday when attempts to merge O2 with rival network Three, owned by Hong Kong-based conglomerate CK Hutchison, were blocked by Europe’s competition authorities.

      Telefonica now says preparations for an initial public offering of O2 UK are underway. It will keep a majority share in the mobile network, which is run by Mark Evans, who took over from Ronan Dunne last month.

      Telefónica, which is struggling to contend with a €50bn debt pile, will also list its infrastructure business Telxius, which owns mobile masts and fibre-optic cables, on the Barcelona, Bilbao, Madrid and Valencia stock exchanges. It also plans to keep a majority stake in the business.

      Telxius sells wholesale access to its 15,000 telecoms towers in Spain and to its 31,000km of submarine fibre-optic cables that connect Europe to the US and South America. Telefónica set up Telxius as a new company in February, under the control of Alberto Horcajo, former financial chief at Telefónica Brazil.

      Earlier this year Margrethe Vestager, the European competition commissioner, sent shockwaves through the telecoms industry when she refused to allow O2 to merge with Three in the UK, saying it would reduce choice and increase prices.

      Following the collapse of the deal with Hutchison, Telefónica's plan to float off its British business had been on hold pending the result of the EU referendum.

      Hutchison, which owns Three alongside a host of other assets including ports and hotels, had pursued the deal because it wanted to make efficiency savings and increase its share of scarce radio spectrum capacity. It is challenging the European Commission's decision in the courts.


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      Re: Telefónica to float O2 and infrastructure business after merger knock-back

      Winder if this paves the way for Sky now to buy that 49% minority stake in O2 for their Sky Mobile.

      "We have decided that we are not going to sell the control of O2 in Britain," Alvarez-Pallete told reporters in the city of Santander. "In the coming weeks we will decide if it will involve a listing or the entry of new shareholders in O2 UK."
      Alvarez-Pallete also said the price and final percentage for Telxius's listing would be confirmed in the coming weeks, and it did not plan to sell more than 49 percent to maintain an operating majority.

      Telefonica prepares for partial listing of Telxius, to decide on O2 | Reuters

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      Re: Telefónica to float O2 and infrastructure business after merger knock-back

      I'm kind of surprised that Sky hasn't already attempted to bid for O2, rather than go for a wholesale contract.

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