Telefónica and Vodafone are accelerating their plans to bring in a minority partner to their newly created subsidiary that groups their optical fiber. The company chaired by José María Álvarez-Pallete aims to replicate the scheme it has implemented in other countries, and for this, it has hired two investment banks, Barclays and BBVA.
The plan involves opening the capital up to 40% and leaving Telefónica with a majority stake. The total valuation of the company would be set at around €2 billion, so the percentage that goes to market would be valued at about €800 million. Zegona, owner of Vodafone Spain since it closed the purchase for more than €5 billion in May, would hold a minority stake – around 10% – according to ‘Mergermarket’.
