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Apollo, JB Capital preparing bid for Vodafone’s Spanish unit, Expansion says
Global Banking & Finance Review®
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MADRID (Reuters) – U.S.-based buyout fund Apollo Global Management is readying a bid with local fund JB Capital for the Spanish unit of telecom giant Vodafone, the Expansion newspaper reported on Monday citing unidentified sources with knowledge of the matter.
MADRID (Reuters) – U.S.-based buyout fund Apollo Global Management is readying a bid with local fund JB Capital for the Spanish unit of telecom giant Vodafone, the Expansion newspaper reported on Monday citing unidentified sources with knowledge of the matter.
The news about a potential bid comes three weeks after British telecom investment company Zegona said it was in talks with Vodafone to buy the Spanish unit.
The company could be worth as much as 5 billion euros ($5.27 billion), Expansion estimated.
Vodafone CEO Margherita Della Valle launched a strategic review of the Spanish unit earlier this year. She said in May she was open to “structural change”, indicating a sale was an options for a business that has battled intense price competition in recent years.
Vodafone is one of the three largest telecom operators in Spain together with Telefonica and the local unit of France’s Orange. The latter is in the process of merging with MasMovil, the fourth largest operator.
Apollo and JB Capital did not immediately respond to requests for comment. A Spain-based spokesperson for Vodafone declined to comment.
($1 = 0.9485 euros)
(Reporting by Inti Landauro; editing by Jason Neely)
Private equity refers to investment funds that buy and restructure companies not listed on public exchanges, aiming to improve their value before selling them at a profit.
A merger is a business combination where two companies join to form a single entity, often to enhance competitiveness and efficiency.
An investment is the allocation of resources, usually money, to generate income or profit over time. It can involve purchasing assets like stocks, bonds, or real estate.
A strategic review is an assessment process where a company evaluates its business strategy, operations, and market position to identify areas for improvement or change.
A bid in finance is an offer made by an investor or company to purchase an asset or company, often at a specified price, during a sale or auction process.
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