Vodafone looking to acquire ONO

The British company Vodafone has reportedly made a €7 billion offer for the Spanish cable company ONO.

The offer underlines Vodafone’s desire to acquire cable companies as a result of increased competition from broadband providers, such as BT in the UK. Earlier this week, Vodafone revealed a fall in turnover at the end of last year largely due to plummeting sales in Europe, particularly in Spain and Italy.

Vodafone have also reportedly made an offer for Italian cable company Fastweb. Vodafone currently have equity thanks to the sale of its stake in Verizon Wireless for $130 billion.

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