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CVC exercises option to raise R stake to 70 percent

Monday 15 November 2010 | 09:17 CET | News
UK private equity firm CVC Capital Partners has increased its stake in Spanish regional cable operator R to 70 percent. When CVC bought a 35 percent stake in the Galician operator in April, it took an option to buy another 35 percent within three years. The move injects cash into the cable operator and strengthens its financial structure, as well as giving it the means to expand into other markets. Caixanova bank maintains its position as a partner of reference with a 30 percent stake, the same holding it had before Union Fenosa withdrew from R in 2008 when it merged with Gas Natural. CVC and Caixanova confirmed R's management continuity with Honrato Lopez Isla as chairman, Julio Fernandez Gayoso as vice chairman and Arturo Dopico as CEO. They also pledged to guarantee the Galician nature of the operator and to keep its current headquarters location. Local press reports value the transaction at EUR 157.4 million.

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Categories: Fixed / Internet
Companies: R
Countries: Spain
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