Vodafone Group Plc is in discussions to buy the main cable operator of Spain, Grupo Corporativo ONO SA, according to sources cited in a Bloomberg report. The report noted that this potential acquisition deal could displace ONO's plans to launch an initial public offering (IPO), wrote Reuters.
Bloomberg quoted one of the said sources saying an agreement could be announced within the next couple of weeks, the report added.
Meanwhile, neither Vodafone nor ONO could be reached for a comment beyond regular working hours, the report added.
In December, unnamed sources told Reuters that Ono would likely be a takeover target once it is listed. Bigger rivals such as Vodafone and Orange are trying to grab a larger share of Spain's market to gain advantage over former monopoly Telefonica, Reuters reported.
ONO is a communication and entertainment firm based in Madrid, Spain. The company delivers integrated telephone, Internet and television services to over six million residential customers in the country, according to ONO's web profile.
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