Vodafone to buy Spanish company in £6 billion deal

Vodafone, which has its world headquarters in Newbury, will acquire 100 per cent of the share capital of Ono, which has the largest next generation network in Spain covering around 41 per cent of the total housing.
For the twelve months ended 31 December 2013, Ono reported an operating profit of €269 million (£223 million) and loss before tax of €41 million (£34 million).
It also reported gross assets of €5,393 million (£4,468 million) and had around 2,500 employees.
Vodafone says it will work closely with Ono's management team and employees to support the integration, with employees will also benefit from a broader range of international career opportunities available across the Vodafone Group.
Vodafone will finance the Transaction from its existing cash resources and committed but undrawn bank facilities.
The deal comes six months after Vodafone bought German cable operator Kabel.
Vodafone group chief executive, Vittorio Colao, said: “The combination of Vodafone and Ono creates a leading integrated communications provider in Spain and represents an attractive value creation opportunity for Vodafone.
"Demand for unified communications products and services has increased significantly over the last few years in Spain, and this transaction – together with our fibre-to-the-home build programme – will accelerate our ability to offer best-in-class propositions in the Spanish market.
"We look forward to welcoming the management and employees of Ono to Vodafone and working together to serve our customers across Spain”.