IPO is Europe’s biggest this year
Spain’s Telefonica aims to raise around £1.2 billion when its spins off nearly a quarter of its German O2 operation later this morning [30th October 2012]. Shares in the the Frankfurt-listed company are expected to trade at €5.60 per share, though some analysts have criticised the price as too high compared to other phone operators. The IPO is Europe’s biggest initial public offering this year and is needed to help shrink Telefonia’s €58 billion debt pile.
O2 is Germany’s smallest mobile operator with roughly 16 per cent of subscribers, trailing Deutsche Telekom, Vodafone and Dutch group KPN’s E-Plus.Footnote: In Britain, EE – owner of the T-mobile and Orange networks in the UK – has commissioned a rapid re-branding of its stores ahead of today’s 4G launch.
In London’s Oxford Street workmen were active through the night giving stores a facelift and installing the company’s new green, neon light EE logos.
Merging T-mobile and Orange under the EE brand means there are now at least three of the operator’s new stores within yards of each other on the western stretch of Oxford Street alone.