Teliasonera will start the sale process for its Spanish mobile unit Yoigo in the next two weeks. The deal is expected to attract bids from Orange and Vodafone, Reuters reports, citing three people familiar with the matter. According to these sources, information documents are set to go out soon to bidders, after being delayed over the summer by holidays and the departure of Yoigo's CEO Johan Andsjo at end-August.
Teliasonera has hired Deutsche Bank to manage the sale of its 76.6 percent stake in Yoigo. Teliasonera plans to sell the Spanish operator for nearly EUR 1 billion. Yoigo claims around 5.6 percent of the Spanish mobile market, and currently serves around 3.3 million customers.
It is less likely that a newcomer to Spain would bid for Yoigo, the people said, downplaying media reports that Carlos Slim's America Movil would continue its European expansion by entering Spain. Back in July, America Movil said it was not interested in the Yoigo acquisition.
Back in August, France Telecom chief executive Stephane Richard said that the group would look at Yoigo if and when it came up for sale. "We would be interested... but the Spanish economy remains in a difficult phase, so financing a big acquisition there would be a big bet," Richard said. "But from a strategic and industrial point of view, if there is an opportunity to consolidate the Spanish market, we would look at it."
Spanish construction groups ACS and FCC hold 17 percent and 3.4 percent of Yoigo respectively, while technology group Telvent holds the remaining 3 percent.
