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A Saudi man's reflection is seen in mirror glass at the Future Investment Initiative conference, in Riyadh, Saudi Arabia, October 25, 2022. Geopolitical tensions heightened by the Middle East conflict pose the biggest threat to the world economy, World Bank President Ajay Banga said. The conflict could upset the stability of the Middle East just as regional powerhouse Saudi Arabia pours hundreds of billions of dollars into a vast economic transformation plan. Saudi Arabia is putting U.S.-backed plans to normalise ties with Israel on ice, two sources familiar with Riyadh's thinking said, signalling a rapid rethinking of its foreign policy priorities as war rages between Israel and Hamas. The last year has seen Saudi Arabia spend billions on companies, from sports to gaming to aviation.

Persons: Ahmed Yosri, Ajay Banga, Banga, Laurence Fink, Fink, Goldman Sachs, David Solomon, JPMorgan's, Jamie Dimon, Jane Fraser, Ray Dalio, Dalio, Noel Quinn, Bill Winters, Barack Obama, Yasser al, Salomon, Hess, Stephen Schwarzman, Schwarzman, Prince Mohammed bin Salman, Joe Biden's, Richard Attias, Rosario, Amanda Cooper, Alun John, Michael Georgy, Anousha, John O'Donnell, Susan Fenton Organizations: Future Investment Initiative, REUTERS, Rights, Saudi Arabia's, Hamas, BlackRock, Bridgewater Associates, HSBC, Former U.S, U.S, Saudi Telecom Corp, Telefonica, Investment Fund, Chevron, Blackstone Group, Investment Initiative, Saudi, FII, Reuters, Jorgelina, Thomson Locations: Saudi, Riyadh, Saudi Arabia, Rights RIYADH, Israel, Davos, Swiss, Gaza, Europe, Asia, London

☆ Saudi is wild card in Middle East’s new turmoil
▼ + stars: | 2023-10-18 | by ( George Hay | ) www.reuters.com time to read: +8 min

Saudi Crown Prince Mohammed bin Salman attends the 18th consultative meeting of the leaders of the GCC & the Gulf summit with the central Asian countries C5, in Jeddah, Saudi Arabia, July 19, 2023. Saudi Press Agency/Handout via REUTERS Acquire Licensing RightsLONDON, Oct 18 (Reuters Breakingviews) - Mohammed bin Salman is the wild card in the Middle East’s new conflict. Saudi Arabia also needs prices above $85 a barrel in order to balance its budget. Saudi Arabia also needs to consider the views of international investors, though. For now, Saudi Arabia can count on the support of global bankers and fund managers.

Persons: Prince Mohammed bin Salman, Mohammed bin Salman, Joe Biden, Benjamin Netanyahu, Israel’s, Biden, Netanyahu, International Energy Agency reckons, Jamal Khashoggi, nix, Larry Fink, JPMorgan’s, Jamie Dimon, Israel, Antony Blinken, Jordan, ” Blinken, ”, “, Hossein Amirabdollahian, Al Jazeera, Peter Thal Larsen, Oliver Taslic Organizations: GCC, Saudi Press Agency, Handout, REUTERS Acquire, Reuters, Hamas, Israel . U.S, MbS, United, Gaza, International Energy Agency, Reuters Graphics Reuters, Saudi, kingdom’s Public Investment Fund, U.S, PGA, Foreign Investment, Telefonica, STC, BlackRock’s, Future Investment, United States, Diplomats, don’t, Palestinian, Israeli, United Arab, Iran’s, Thomson Locations: Saudi, Jeddah, Saudi Arabia, Israel, Iran, Palestinian, Israel ., United States, Gaza, OPEC, Russia, Saudi Aramco, Riyadh, Palestine, United, Amman, Jordan, Bahrain, Qatar, United Arab Emirates, Egypt, Lebanon, America

☆ Vodafone, Three execs tell lawmakers their UK merger will benefit 5G, jobs
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +2 min

Branding is displayed for Vodafone at one of its stores in London, Britain, June 14, 2023. REUTERS/Toby Melville/File Photo Acquire Licensing RightsLONDON, Oct 17 (Reuters) - Executives from Vodafone (VOD.L) and CK Hutchison's (0001.HK) Three UK unit said their 15 billion pound ($18 billion) merger would benefit Britain's consumers, infrastructure and jobs, as lawmakers scrutinise the planned tie-up. Vodafone and Three UK have pledged to invest 11 billion pounds to build a 5G network for Britain as part of their bid to secure backing from politicians, unions and competition authorities for the merger announced in June. They warned that without the deal, Britain's 5G network would continue to lag that of other European nations. "Neither us nor Vodafone can invest sufficiently to build the type of 5G network that's needed," Three's Chief Technical Officer David Hennessy said.

Persons: Toby Melville, CK Hutchison's, Nicki Lyons, David Hennessy, Stephen Lerner, Sarah Young, Mark Potter Organizations: Vodafone, REUTERS, HK, Trade, VM O2, Telefonica, Liberty Global, Thomson Locations: London, Britain

Europe's telecoms operators say Alphabet's Google (GOOGL.O), Meta's (META.O) Facebook, Netflix (NFLX.O), Microsoft (MSFT.O) and Amazon (AMZN.O) should bear some of the costs because they make up a huge part of internet traffic. Deutsche Telekom (DTEGn.DE), Orange (ORAN.PA), Telefonica (TEF.MC) and Telecom Italia (TLIT.MI) call it fair-share funding while Big Tech says it amounts to an internet tax. The French commissioner, a former chief executive at France Telecom and supporter of the operators' push, faced blowback from some of his fellow commissioners and some EU countries. Breton will likely voice concerns about the recent acquisitions of telecoms stakes by sovereign investment funds and private equity firms to EU telecoms ministers at an Oct. 23-24 meeting in Leon, Spain, another person said. ($1 = 0.9418 euros)Reporting by Foo Yun Chee; Editing by Tomasz Janowski and Mark PorterOur Standards: The Thomson Reuters Trust Principles.

Persons: Thierry Breton, Breton, Foo Yun Chee, Tomasz Janowski, Mark Porter Organizations: Big Tech, European Commission, Google, Facebook, Netflix, Microsoft, Deutsche Telekom, Telefonica, Telecom Italia, France Telecom, EU, Thomson Locations: BRUSSELS, Europe, Orange, Leon, Spain

☆ Apollo, JB Capital preparing bid for Vodafone's Spanish unit, Expansion says
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Nacho Doce/File photo Acquire Licensing RightsMADRID, Oct 9 (Reuters) - U.S.-based buyout fund Apollo Global Management is readying a bid with local fund JB Capital for the Spanish unit of telecom giant Vodafone (VOD.L), the Expansion newspaper reported on Monday citing unidentified sources with knowledge of the matter. The news about a potential bid comes three weeks after British telecom investment company Zegona (ZEG.L) said it was in talks with Vodafone to buy the Spanish unit. Vodafone CEO Margherita Della Valle launched a strategic review of the Spanish unit earlier this year. Vodafone is one of the three largest telecom operators in Spain together with Telefonica (TEF.MC) and the local unit of France's Orange (ORAN.PA). Apollo and JB Capital did not immediately respond to requests for comment.

Persons: Nacho, Margherita Della Valle, Inti Landauro, Jason Neely Organizations: Vodafone, Congress, REUTERS, Rights, Apollo Global Management, JB Capital, Spanish, Telefonica, Thomson Locations: Barcelona, Spain, Rights MADRID

OneWeb, the British satellite giant, completed its combination with French rival Eutelsat Thursday, setting the stage for a European challenger to Elon Musk's space internet venture Starlink. It comes as competition is heating up between different players in the multibillion-dollar space industry. Likewise, OneWeb also targets enterprise customers, but offers a different service capability thanks to its LEO network – similar to SpaceX's Starlink satellite internet. Eutelsat will remain headquartered in Paris, and OneWeb will continue operating in London with its name changed to Eutelsat OneWeb. Commercial deals are gaining traction in the space industry, with Musk's Starlink service working alongside businesses including Spain's Telefonica and French firms Marlink and Speedcast.

Persons: Elon, Morgan Stanley, OneWeb, Starlink, Eutelsat, Eva Berneke, Neil Masterson, Masterson, Musk's Organizations: Telecom Italia, Deutsche Telekom, Euronext Paris Stock, London Stock Exchange, Eutelsat, CNBC, Spain's Telefonica, SpaceX, SES Locations: British, Orange, Paris, London

LONDON, Sept 21 (Reuters Breakingviews) - Barely a day goes by without an eye-catching story involving Saudi Arabia’s Public Investment Fund. A third of the fund consists of significant stakes in domestic companies like the $51 billion Saudi Telecom Company (7010.SE) and $53 billion Saudi National Bank (1180.SE). Reuters Graphics Reuters GraphicsThe PIF’s investment strategy is also racier than its more conservative peers. But the episode reinforces the impression that the PIF is a mix of venture capital, hedge fund and startup money. The most spectacular was probably handing $45 billion to SoftBank Group (9984.T) boss Masayoshi Son for his $100 billion first Vision Fund.

Persons: Kylian Mbappé, It’s, Prince Mohammed bin Salman, Yasir Al, Abu Dhabi’s Mubadala, Rumayyan, Salman bin Abdulaziz, Masayoshi Son, SWFs, Taiwan’s Foxconn, Peter Thal Larsen, Streisand Neto Organizations: Reuters, Saudi Arabia’s Public Investment Fund, Standard Chartered, Spanish telco Telefonica, Fund, Abu, Abu Dhabi Investment Authority, Global, Reuters Graphics Reuters, Saudi, Saudi Telecom Company, Saudi National Bank, Saudi Aramco, giga, Qatar Investment Authority, Singapore’s Temasek, Al, MbS, SoftBank Group, Vision, Credit Suisse, UBS, Saudi giga, Aramco, Investment, Thomson Locations: Spanish, Abu Dhabi, Riyadh, Saudi

☆ Telefonica may seek damages in event of Huawei curbs in Germany
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +1 min

The logo of Spanish Telecom company Telefonica is seen during GSMA's 2022 Mobile World Congress (MWC) in Barcelona, Spain February 28, 2022. REUTERS/Nacho Doce/File Photo Acquire Licensing RightsFRANKFURT, Sept 20 (Reuters) - Telefonica Deutschland (O2Dn.DE) on Wednesday said it would consider seeking damages from the German government as well as legal action if Berlin imposed restrictions on using China's Huawei (HWT.UL) that meant retrospective changes to its network. In a statement to Reuters, Telefonica Deutschland said it was in regular contact with the German authorities and stressed the need for consistency in planning for the security of communications infrastructure. Earlier a government official said Germany's interior ministry plans to force telecoms operators to slash the use of equipment from Huawei and ZTE in their 5G networks after a review highlighted an over-reliance on these Chinese suppliers. Reporting by Hakan Ersen; writing by Matthias Williams; editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

Persons: Nacho, Hakan Ersen, Matthias Williams, Friederike Heine Our Organizations: Spanish Telecom, Telefonica, Congress, REUTERS, Rights, Telefonica Deutschland, Huawei, Reuters, ZTE, Thomson Locations: Barcelona, Spain, Berlin

As Telefonica's rivals slashed prices to attract internet users, the Spanish company also borrowed to invest in new mobile and internet networks. But the secrecy with which STC (7010.SE) built its stake did catch some observers off guard, the person said. Telefonica said it was informed Tuesday about STC'S investment, after the companies had become more acquainted in recent months. STC sought to keep the stake under wraps until it could buy at least 9.9% of Telefonica, the person said. Middle Eastern investors have been taking stakes in Spanish companies for some time.

Persons: Violeta Santos Moura, Jose Maria Alvarez, Pallete, Alvarez, Prince Mohammed bin Salman's, UGT, Morgan Stanley, Linklaters, Motaz Al Angari, Al Angari, pare, EFG Hermes, Nadia Calvino, Inti Landauro, Tomas Cobos, Amy, Jo Crowley, Pablo Mayo, John O'Donnell, Anousha, Elisa Martinuzzi, David Gregorio, Ros Russell Organizations: Spanish Telecom, REUTERS, Rights, Telefonica, STC Group, STC, Saudi Arabia's Public Investment Fund, Foresight, Saudi, United Arab, Vodafone, Thomson Locations: Madrid, Spain, Rights DUBAI, MADRID, Silicon Valley, Saudi, Riyadh, Telefonica, Saudi Arabia, Spanish, Latin America, theocracies, United Arab Emirates, Iberdrola, Davos, Gulf, London

He learned Saudi Arabia's largest telecoms operator, STC Group, aimed to be Telefonica's biggest shareholder, with an interest of 9.9%. The move is a vote of confidence in Telefonica, burdened by billions of dollars in debt while STC gains expertise to modernize Saudi telecoms infrastructure. As Telefonica's rivals slashed prices to attract internet users, the Spanish company also borrowed to invest in new mobile and internet networks. STC sought to keep the stake under wraps until it could buy at least 9.9% of Telefonica, the person said. Middle Eastern investors have been taking stakes in Spanish companies for some time.

Persons: Violeta Santos Moura, Jose Maria Alvarez, Pallete, Alvarez, Prince Mohammed bin Salman's, UGT, Morgan Stanley, Linklaters, Motaz Al Angari, Al Angari, pare, EFG Hermes, Inti Landauro, Tomas Cobos, Amy, Jo Crowley, Pablo Mayo, John O'Donnell, Anousha, Elisa Martinuzzi, David Gregorio Our Organizations: Spanish Telecom, REUTERS, Rights, Telefonica, STC Group, STC, Saudi Arabia's Public Investment Fund, Foresight, Saudi, United Arab, Vodafone, Thomson Locations: Madrid, Spain, Rights DUBAI, MADRID, Silicon Valley, Saudi, Riyadh, Telefonica, Saudi Arabia, Spanish, Latin America, theocracies, United Arab Emirates, Iberdrola, Davos, Gulf, London

☆ European stocks extend losses as economic slowdown jitters weigh
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +1 min

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 4, 2023. REUTERS/Staff/File Photo Acquire Licensing RightsSept 6 (Reuters) - European stocks extended losses for a sixth consecutive session on Wednesday as worries about global economic slowdown and higher crude prices spurring inflationary pressures weighed on risk sentiment. The pan-European STOXX 600 index (.STOXX) slipped 0.5% by 0713 GMT, hovering near a one-week low. While oil prices pulled back slightly, government bond yields continued to rise, with the German 10-year yield jumping to two-week highs. Further denting the mood, German industrial orders fell more than expected in July, the federal statistics office said.

Persons: Sruthi Shankar, Sherry Jacob, Phillips Organizations: REUTERS, Staff, Telefonica, Saudi Arabia's STC, Spanish, Thomson Locations: Frankfurt, Germany, Saudi Arabia, Russia, Bengaluru

☆ Saudi Arabia's STC Group acquires 9.9% stake in Telefonica
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +1 min

The logo of Spanish Telecom company Telefonica is seen next to a traffic ligth at its headquarters in Madrid, Spain, May 12, 2021. REUTERS/Sergio Perez/File Photo Acquire Licensing RightsLONDON, Sept 5 (Reuters) - Saudi Arabia's STC Group has amassed a 9.9% stake in Spanish telecoms giant Telefonica (TEF.MC) for 2.1 billion euros ($2.25 billion) in shares and financial instruments, STC said on Tuesday. STC does not intend to acquire majority control of Telefonica, it added in a statement. STC is Saudi Arabia's largest telecoms operator and also owns subsidies and has stakes in companies operating in Kuwait and Bahrain. It is 64% owned by Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), the main engine of Crown Prince Mohammed bin Salman's Vision 2030 to wean the economy off its dependence on oil.

Persons: Sergio Perez, Prince Mohammed bin Salman's, Pablo Mayo Cerqueiro, Jonathan Oatis, Richard Chang Organizations: Spanish Telecom, Telefonica, REUTERS, Saudi Arabia's, Saudi, Public Investment Fund, Thomson Locations: Madrid, Spain, Kuwait, Bahrain, Saudi, Europe

☆ ¿No entiendes el diálogo de tu serie favorita? No estás solo
▼ + stars: | 2023-08-30 | by ( Brian X. Chen | ) www.nytimes.com time to read: +1 min

Al comienzo del programa, pensé que un actor había dicho: “Es cierto, ella tenía el anillo que le diste… pensé que ustedes dos estaban tratando de resolver sus problemas”. En realidad, el actor dijo: “Ay, lo siento, todavía llevabas el anillo puesto… pensé que ustedes dos estaban tratando de resolver sus problemas”. Tuve mejor suerte con otra escena en la que había una conversación telefónica donde Jack Ryan y su antiguo jefe hacían planes para reunirse. En conclusiónLa barra de sonido Sonos Arc fue útil para escuchar diálogos sin el potenciador de voz activado la mayor parte del tiempo en películas y series. Para todos los demás, la buena noticia es que instalar incluso un altavoz más barato que carezca de un modo para los diálogos puede ayudar mucho.

☆ U.S. Open 2023: dates, schedule, seeds and how to watch on TV
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +3 min

* The three main showcourts at the U.S. Open are Arthur Ashe Stadium, Louis Armstrong Stadium and the Grandstand. * Arthur Ashe Stadium (capacity: 23,771) is named after the only Black man to claim singles titles at Wimbledon, the U.S. Open and the Australian Open. * Louis Armstrong Stadium (capacity: 14,053) was named after jazz great Armstrong who lived a few blocks from the venue until he died in 1971. * Poland's Iga Swiatek, the French Open champion, is the women's world number one and will defend her New York crown. * Latin America & Caribbean: ESPN Brazil, ESPN Caribbean, ESPN Latin America (North and South), TV Globo.

Persons: Spain's Carlos Alcaraz, Norway's Casper Ruud, Violeta Santos Moura, Arthur Ashe, Louis Armstrong, Armstrong, Holder Carlos Alcaraz, Swiatek, Carlos Alcaraz, Novak Djokovic, Daniil Medvedev, Holger Rune, Casper Ruud, Andrey Rublev, Taylor Fritz, Frances Tiafoe, Sabalenka, Jessica Pegula, Elena Rybakina, Coco Gauff, Caroline Garcia, Maria Sakkari, Vondrousova, Karolina Muchova, Stan Sport, Shrivathsa Sridhar, Pritha Sarkar Organizations: U.S, United States Tennis Association, National, OPEN, U.S ., Louis, Wimbledon, Australian, Open, WHO, TOP, MEN, Sports, SuperSport, Eurosport, Sky Sports, Telefonica, Oceania, Digicel, MIGU, TVNZ, Sony Sports Network, Caribbean, ESPN Brazil, ESPN Caribbean, ESPN, America, TV Globo, beIN, TSN, Thomson Locations: Murcia, Spain, New York, Serbia, Russia, Denmark, Norway, Italy, Greece, United States, Poland, Belarus, Kazakhstan, Jabeur, Tunisia, France, Czech Republic, Africa, Europe, SuperTennis, India, Bengaluru

☆ Vodafone boosted by 1&1 5G network deal in Germany
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +1 min

The headquarters of Vodafone Germany are pictured in Duesseldorf September 12, 2013. Shares in British company Vodafone rose 3% in London and 1&1 (1U1.DE) soared 15%, set for its biggest one-day gain since 2008. 1&1, the mobile phone operation of German internet provider United Internet (UTDI.DE), is building a fourth mobile network. The deal knocked shares in Telefonica Deutschland (O2Dn.DE), as 1&1 teamed up with its competitor Vodafone. Vodafone said in its statement on Wednesday that the commercial agreement with 1&1 was for 18 years, and would start to deliver the 5G coverage to 1&1 customers from the second half of 2024.

Persons: Ina Fassbender, Margherita Della Valle, Sarah Young, Danilo Masoni, Hakan Ersen Organizations: Vodafone, REUTERS, United, Telefonica Deutschland, Telefonica, Thomson Locations: Vodafone Germany, Germany, London, Telefonica Deutschland's, Madrid

☆ UK's Virgin Media O2 to lay off up to 2,000 employees by year end
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

July 24 (Reuters) - British mobile operator Virgin Media O2 said on Monday it was planning to lay off up to 2,000 employees by the end of this year. The company is a joint venture between the US-listed Liberty Global (LBTYA.O) and Spain's Telefonica (TEF.MC). Its rival BT Group (BT.L), Britain's biggest broadband and mobile provider, had cut 55,000 roles or more than 40% of its workforce in May. Earlier this month, the country's communications regulator Ofcom opened a probe, following complaints from users that the mobile operator was making it tough to cancel services. ($1 = 0.9041 euros)Reporting by Urvi Dugar and Mrinmay Dey in BengaluruOur Standards: The Thomson Reuters Trust Principles.

Persons: Urvi Dugar, Mrinmay Dey Organizations: Virgin Media O2, Telegraph, Liberty Global, Spain's Telefonica, BT Group, Britain's, . Liberty Global, Vodafone, Ofcom, Thomson Locations: British, Bengaluru

Data centres are facilities that host IT systems and applications. In April, Brookfield Infrastructure acquired French data centre group Data4 in a deal said to have valued the company at close to 3.5 billion euros, including debt. Asterion formed Nabiax in 2019 through the acquisition of 11 data centres from Telefonica across Spain and Latin America. In March, the group sold its Latin American operations to British infrastructure fund Actis, with a view to focusing on its home market. A sale of Nabiax could help Telefonica pay down debt, a focus for the Spanish telecoms giant.

Persons: Nabiax, Pablo Mayo Cerqueiro, Amy, Jo Crowley, Andres Gonzalez, Jesus Aguado, John O'Donnell, Louise Heavens Organizations: Reuters, Infrastructure, Asterion Industrial Partners, BBVA, Citigroup, Telefonica, Brookfield Infrastructure, Thomson Locations: Madrid, Telefonica, Spain, Latin America, British, London

☆ JPMorgan reveals its 'pecking order' for the second half including these high-yielding global stocks
▼ + stars: | 2023-07-10 | by ( Lucy Handley | ) www.cnbc.com time to read: +1 min

JPMorgan has named a raft of European stocks it described as having high yields, strong balance sheets and safe dividends, such as BT Group , Bayer and Sainsbury's . In a July 3 note detailing its outlook for the second half of the year, analysts led by Mislav Matejka stated: "Our pecking order for 2H is: bullish on Staples, Utilities, Telecoms and Healthcare, European Energy could hold up well." The bank said international markets had outperformed the U.S., adding that it sees a "significant valuation discount in International vs US stocks." Its European Sustainable yield basket — made up of 40 "high- and sustainable-yielding European stocks, with safe dividends and strong balance sheets" — include stocks across the bank's preferred sectors. JPMorgan also chose a number of "cheap" global sectors it expects to outperform, including telecoms, energy and staples.

Persons: Mislav Matejka, JPMorgan's, J Sainsbury, Banks, Michael Bloom Organizations: JPMorgan, BT Group, Bayer, Sainsbury's, Healthcare, European Energy, International, Novartis, Sanofi, Telefonica, Telia Locations: Staples, Utilities, Swiss, Norwegian, Spanish, Swedish, Europe

It was Nov. 3, 2017, and the target was José Manuel Villarejo Pérez, a former government spy. He was rumored to have had powerful friends and to have kept dirt on them all. He was, after all, a spy — and not just any spy, but one who had started his career in the secret police of the Spanish dictator Francisco Franco. Villarejo was handcuffed and taken to Madrid. And what happens when that man finds himself suddenly backed into a corner?

Persons: Adrienne Hurst, Dan Farrell, Manuel Villarejo Pérez, —, Villarejo’s, Francisco Franco, Villarejo Organizations: Spotify, ETA Locations: Spain, Madrid, Spanish, Basque

☆ Telefonica sells controlling stake in Peruvian fibre optic network to KKR
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +1 min

MADRID, July 7 (Reuters) - Telefonica (TEF.MC) has sold a 54% stake in its fibre optic network in Peru to U.S. private equity fund KKR (KKR.N) and 10% to Entel's (ENTEL.SN) local business, the Spanish telecoms group said on Friday, adding that it will retain the remaining 36%. In many markets, the company has separated the infrastructure into different units to maximise the value of its disposed assets. The Spanish company did not disclose the value of the transaction but said the deal would cut its debt by 200 million euros ($217.8 million). The transaction valued 100% of the unit at about 550 million euros, including debt, according to a banking source close to the deal. The new company, Pangeaco, will combine the existing fibre optic network in Peru from Telefonica and Entel, KKR firm said in a separate statement.

Persons: Inti Landauro, Jacqueline Wong, David Goodman Organizations: Telefonica, KKR, Entel, Santander, Thomson Locations: MADRID, Peru, U.S, Spanish

☆ Smaller valuations and a lack of ego helped Spain's startup scene avoid some of Europe's shocking collapse in VC funding, investors say
▼ + stars: | 2023-06-29 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +8 min

Spain's startup scene has evaded some of the collapse in VC funding that has rocked Europe in 2023. Smaller check sizes and a lack of "ego" has somewhat protected the ecosystem, investors say. Smaller valuations, check sizes, and a distinct lack of ego helped Spain's startup scene evade some of the shocking collapse in venture capital funding that has rocked Europe so far this year. Smaller rounds give Spain's startups an edge in the downturnWhat correction was felt was eased by the fact there is less "ego" in Spain's ecosystem, according to Max Bray, an investor at early-stage firm K Fund. As well as the birth of local growth funds, investors see corporations playing a role in closing the funding gap.

Persons: SoftBank, Catalyst, Pablo Pedrejón, Max Bray, Dalia Silberstein, Pedro Arribas Gridilla, Juliette Simonin, Margarita Albors, Tasmin Lockwood, Bray, Marc Sabas, Fund's Bray, Wallbox cofounders Enric Asunción, Eduard Castañeda, Glovo, Wallbox, Oscar Pierre, Ship2B's Sabas, Danae Vara, Danae Vara Ship2B, hasn't, Sabas, CVCs, There's, Félix Ortega, K Fund's Bray, Sérgio Massano Organizations: Accel, Pedrejón, Venture, Fund, Esade Center, Social, Foundation, Spanish, K Fund, Investors, Danae Vara Ship2B Ventures, Investment, Corporations, Barcelona Activa, Telefónica, BBVA, Proeduca Locations: Europe, Spain, Madrid, France, Germany, Switzerland, Netherlands, Seaya, Bray, Vara, Barcelona, Silicon, London

☆ Telecom Italia grid talks leave Vivendi in a bind
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 23 (Reuters Breakingviews) - Telecom Italia (TLIT.MI) is moving ahead with the long-awaited sale of its grid. The 5.5 billion euro Italian group has entered exclusive talks with private equity powerhouse KKR (KKR.N), and wants a binding offer by Sept. 30. Vivendi however is valuing the NetCo at 31 billion euros. A 26 billion euro price tag would imply an EV/EBITDA multiple of 14 times. That’s almost three times that of Vodafone (VOD.L) or Telefonica (TEF.MC), assuming the grid’s EBITDA at 1.8 billion euros, according to Barclays estimates.

Persons: Pietro Labriola, Il Messaggero, That’s, – Labriola, Pamela Barbaglia, Pierre Briancon, Oliver Taslic Organizations: Reuters, Telecom, KKR, Vivendi, hardball, Telecom Italia’s, Vodafone, Telefonica, Barclays, Twitter, Intel, Thomson Locations: Rome, York, French

☆ Vodafone and Three merger faces scrutiny from competition regulators
▼ + stars: | 2023-06-15 | by ( Paul Sandle | ) www.reuters.com time to read: +5 min

The $19 billion tie-up will be scrutinised by Britain's Competition and Markets Authority, the antitrust regulator which made global headlines in April when it blocked Microsoft's $69 billion acquisition of "Call of Duty" maker Activision Blizzard. The long-awaited mobile deal reduces the number of networks from four to three, challenging a tenet long held by regulators that four help to keep prices low in major markets. "The government's desire to make the UK a 5G powerhouse requires a lot of investment," he said. One London-based investment banker, who declined to be named, said he put the chance of the deal receiving the green light from regulators at 50%. A major telecoms investor said the deal could be approved, but only with strong remedies, and that could risk undermining its rationale.

Persons: CK Hutchison, Activision Blizzard, Hutchison, Paolo Pescatore, Peter Broadhurst, Moring, James Gray, Sarah Cardell, Robert Finnegan, Gray, Paul Sandle, Amy, Jo Crowley, Sinead Cruise, Kate Holton, Emelia Organizations: Microsoft, Activision, Hutchison, O2, Vodafone, CK, HK, Britain's Competition, Markets Authority, Ofcom, European Commission, Foresight, Hutchison's, UK plc, Victoria, Crowell, CMA, Reuters, National Security and Investment, Britain's, Tesco Mobile, Telefonica, Thomson Locations: Hong Kong, Britain, Europe, China, London, Germany

☆ Subsidies from Big Tech should be last option for EU telcos - Meta Platforms
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +2 min

June 15 (Reuters) - Meta Platforms (META.O) said on Thursday subsidies from Big Tech should be the last option for European Union telecoms operators trying to get U.S. companies to foot some of their network cost. The European Commission launched a consultation early this year on whether tech giants should bear some of the costs of Europe's telecoms network. A majority of European Union countries have also rejected the push to levy a network fee on Big Tech, sources told Reuters earlier this month. The European Commission did not immediately respond to a Reuters request for comment. It added any subsidies be awarded by a tender to ensure availability to all network operators, not just the large players.

Persons: Meta, Akash Sriram, Krishna Chandra Organizations: Big Tech, European Union, Deutsche Telekom, Telefonica, European Commission, Meta, Reuters, Thomson Locations: Orange, Bengaluru

Under the terms, Vodafone will own 51% and Hutchison 49% of the combined group, which will be led by current Vodafone UK boss Ahmed Essam. The finance chief of Hutchison's Three UK, Darren Purkis, will take the same role in the new group. The combined operator will have about 27 million customers, overtaking BT's (BT.L) EE and VM O2, jointly owned by Telefonica (TEF.MC) and Liberty Global (LBTYA.O). Vodafone, which is currently Britain's third-biggest mobile operator, and fourth-placed Hutchison will have options which would allow Vodafone to acquire the Hong Kong-based conglomerate's 49% stake in the future. Shares in Vodafone, which fell to a 25-year low of 71 pence on Tuesday, rose 3.6% after the deal was announced.

Persons: CK Hutchison, Canning Fok, Ahmed Essam, Darren Purkis, Hutchison, Vodafone's Essam, Robert Finnegan, Gail Cartmail, Paul Sandle, Clare Jim, Kate Holton, Sharon Singleton, Kirsten Donovan Organizations: Vodafone, CK, HK, Hutchison, Hutchison's, BT's, VM O2, Telefonica, Liberty Global, Britain's Competition, Markets Authority, CMA, Unite, Thomson Locations: HONG KONG, Britain, Hong Kong, China, London

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