At what enterprise value was ONO acquired in 2014?

During the acquisition of ONO by VODAFONE SPAIN in 2014, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 3b - 100b EUR. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the TMT (Tech, Media, Telecom) industry currently tracks an average EBITDA multiple of 14.4x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of ONO when it was acquired by VODAFONE SPAIN?

The estimated EV/EBITDA multiple for ONO is in the range of 10x - 18x. For comparison, the TMT (Tech, Media, Telecom) sector currently shows an average EBITDA multiple of 14.4x. Join our community for free to access full valuation data and industry trends.

When was ONO acquired by VODAFONE SPAIN?

ONO was acquired by VODAFONE SPAIN in 2014.

What was the revenue of ONO at the time of the deal?

The revenue of ONO at the time of the deal is estimated to be in the range of 1b - 3b EUR. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of ONO during the acquisition?

ONO's EBITDA is estimated to be in the range of 450M - 900M EUR. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the ONO acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the ONO deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.vodafone.com/news/newsroom/corporate-and-financial/vodafone-acquisition-ono

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Home Database TMT (Tech, Media, Telecom)ONO

03/2014

ONO acquired by VODAFONE SPAIN

SPAIN Telecom / Operators EV 3b - 100b EUR

Context

The transaction involves the 100% equity carve-out of Grupo Corporativo Ono, S.A. by Vodafone on a debt-free and cash-free basis. Ownership changes as a planned initial public offering is preempted by the buyer's corporate cash proposal, allowing institutional private equity shareholders to secure an immediate liquidity exit. The structural combination accelerates Vodafone's unified communications timeline in Europe by replacing a slow urban fiber roll-out scheme with an established nationwide high-speed footprint. Technical integration involves transferring Ono’s mobile virtual network traffic onto Vodafone's native cellular grid to capture immediate operational margin upside. Management targets run-rate cost and capital expenditure synergies alongside substantial revenue cross-selling opportunities derived from the combined subscriber bases. The acquisition is funded through the buyer's balance sheet cash resources and committed undrawn bank facilities.

ONO, which reported an EBITDA margin of LOGIN in 2013, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the TMT (Tech, Media, Telecom) sector (14.4x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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Target

Grupo Corporativo Ono, S.A., based in Spain, operates as a next-generation telecommunications infrastructure provider delivering high-speed broadband and fixed-line connectivity to residential and corporate end-users. The operational architecture utilizes an extensive hybrid fibre-coaxial cable network passing through major autonomous regions to distribute multi-play services. Revenue generation relies on monthly recurring subscription contracts combining ultra-fast internet access, fixed telephony, and premium digital television packages. Customer lock-in is underpinned by the company's direct ownership of nearly all underground access ducts and civil engineering conduits within its municipal footprint. This proprietary physical network insulates the business from traditional copper infrastructure competitors and creates high capital barriers to entry against alternative local loops. The technical layout is fully upgraded to DOCSIS 3.0 protocols, allowing for subsequent capacity expansion without significant incremental excavation costs. The high fixed cost required to replicate this regional civil grid ensures structural market protection and stabilizes long-term market shares.

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REFERENCES

Valuation range: EV 3b - 100b EUR

Revenue range: 1b - 3b EUR

EBITDA range: 450M - 900M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of ONO by VODAFONE SPAIN are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Acquirer: vodafone spain