Home Telefonica abandons EUR 1.5 bln Telxius IPO on weak demand
 

Keywords :   


Telefonica abandons EUR 1.5 bln Telxius IPO on weak demand

2016-09-30 08:25:00| Telecompaper Headlines

(Telecompaper) Telefonica has cancelled its planned initial public offering of infrastructure unit Telxius, citing inadequate investor demand. The company "has decided to abandon the offering because it regards the valuation of Telxius implicit in the purchase orders as inadequate," said Telefonica in a statement submitted to stock market regulator CNMV, adding that it would "continue analysing strategic alternatives in connection with the asset." A source close to the operator cited by the Financial Times said the valuation process had been affected by the "market situation" as well as by "lesser knowledge" among investors of Telxius's underwater cable businesses, adding that the company had decided not to sell assets "at a loss" because it had "sufficient options to keep its investment grade rating." Bloomberg added that investors had balked at paying the asking price of EUR 12 to EUR 15 a share, according to unnamed sources.

Tags: eur demand weak ipo

Category:Telecommunications

Latest from this category

All news

»
28.03Amorepacific Patents Hair Growth Compositions with Camellia Kaempferol Glycoside
28.03Dry Shampoo That Provides Color Patented by Church & Dwight
28.03FTX's Sam Bankman-Fried sentenced to 25 years
28.03Pork producers donate 35,000 pounds of Dailys bacon to Utah Food Bank
28.03Post-Brexit tax to hit UK car exports to Canada
28.03Webinar series to focus management of beef on dairy crossbreds
28.03Secret papers show Post Office knew case was false
28.03LOccitane Travel Retail Debuts New Bodycare Range From Sol de Janeiro With Paris Pop-Up
More »