Orange has denied that it’s planning to acquire 100 percent of the shares of regional Spanish operator Euskaltel in response to a clarification request from market regulator CNMV. "The Orange group is not at this moment analysing, either by itself or through its advisors, a transaction consisting of the acquisition of 100 percent of the shares of Euskaltel,” said the company, before going on to note that it’s always considering possibilities to grow its presence in Spain.
The CNMV requested clarification after Euskaltel’s share price rose by over 9 percent on the back of rumours of a possible bid from Orange, including news it had hired investment bank Credit Suisse as an adviser to look at the regional operator.
Euskaltel has a market value of EUR 1.3 billion and is present above all in the northern Spanish regions of the Basque Country, Galicia and Asturias. It recently announced that it’s aiming to expand to 5 new regions (Navarre, Catalonia, Leon, Cantabria and Rioja) using its Euskaltel, R and new RACCtel+ brands.
