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Vodafone to Buy Spain's Ono for $10B

Vodafone (NYSE:VOD) agreed on Monday to buy Spanish cable operator Ono for nearly $10 billion, adding to the telecom giant's portfolio of assets in western Europe.The deal will give Vodafone, the largest European telecom company, a fixed-line operation for its Spanish unit. Vodafone currently has a 30% share of the Spanish market with 14 million customers. The country generates roughly €4 billion in service revenue for Vodafone, or 10% of the company's core sales.Vodafone said the acquisition of Ono is valued at €7.2 billion, including debt. The U.K.-based company expects to complete the transaction, which is subject to regulatory approval, in the third quarter of calendar-year 2014."The combination of Vodafone and Ono creates a leading integrated communications provider in Spain and represents an attractive value creation opportunity for Vodafone," said Vittorio Colao, chief executive of Vodafone.Acquiring Ono will also further consolidate a fragmented cable industry in Europe. Last y...

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