Telefonica nixes suggestion of O2 UK going public

Summary:Telefonica has no plans to take its UK O2 brand public following a similar move in Germany last year designed to reduce its debt pile.

Spanish telecoms company Telefonica, the parent company of O2, has poured cold water on speculation that it is preparing to go public in the UK following last year's Initial Public Offering (IPO) of its German business .

According to a spokesman for the company, there are no plans for Telefonica to take the brand public in the UK as it is in a totally different situation to that of its German business when it floated in October.

"We feel no need to IPO the UK business," Jose Maria Alvarez-Pallete, chief financial officer of Telfonica, said, according to City AM on Thursday. "We do not need to IPO any business, our financial situation is pretty solid."

This isn't the first time that rumours have flared up around O2's potential floatation in the UK, but the firm has always maintained that it is not on the cards, despite its parent company needing to reduce more than €55bn of debt.

To this end, Telefonica Deutschland went public at the end of October 2012, raising €1.45bn.

Telefonica completed its acquisition of O2 in 2006, in a deal worth around £17.7bn.

Topics: Smartphones, Mobility, Telcos, United Kingdom

About

With a psychology degree under his belt, Ben set off on a four-year sojourn as a professional online poker player, but as the draw of the gambling life began to wane his attentions turned to more wholesome employment.With several years' experience covering everything in the world of telecoms and mobility, Ben's your man if it involves a s... Full Bio

Kick off your day with ZDNet's daily email newsletter. It's the freshest tech news and opinion, served hot. Get it.

Related Stories

The best of ZDNet, delivered

You have been successfully signed up. To sign up for more newsletters or to manage your account, visit the Newsletter Subscription Center.
Subscription failed.