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R WANT TO GIVE THE JUMP

R wants to jump with CVC

The UK venture capital fund will take over Galician cable operator in order to finance its expansion in Spain and Portugal

CVC, the company's regional R wants to jump often dreamed of becoming a global operator with a presence in Spain and even Portugal, where it already had licenses to wire the metropolitan areas of Lisbon and Oporto.

"We can grow organically or comprando otras operadoras; está abierto el escenario", explica Arturo Dopico, primer ejecutivo de la empresa gallega. "En su día se tomó la decisión de no invertir en Portugal a pesar de contar con licencias porque no llegamos a los acuerdos adecuados para tener los accionistas que nos garantizaran el éxito, pero ese país es un área perfectamente viable para crecer y ahora no nos vamos a poner límites".

Para abordar el futuro de una forma tan rotunda en un momento como el actual, y después de haber sido ratificado en el cargo, el primer ejecutivo de R ha tenido que ver cómo la compañía que dirige cambiaba de dueño. Caixanova ha dado el primer paso para ceder el control accionarial Galician attendant was the majority shareholder since 2008. CVC has signed the acquisition of 35% of the telecommunications company in the hands of minority shareholders and the box itself, which initially shows a 1.24%, to place its 65% share. One option that accompanies the agreement will enable the venture capital fund gain another 35% of R now in the hands of the box headed Julio Fernandez Gayoso.

established balance of forces may turn around if CVC decides to execute its option, as is expected, with the participation of Caixanova be lowered to 30% stake in R, leaving the remaining 70% in British hands. The sale agreement signed establishing a market price for the cable company 450 million, with a debt of 250 million. Caixanova adventure as majority shareholder of R has lasted a year and a half after he took control of the company which was already a member after paying a Union Fenosa about 150 million euros by 35% to gain 66.24% of the operator.

The sale agreement signed now has not been without controversy, as it was signed just a day after the start of formal negotiations between Caixanova and Caixa Galicia to address their merger, and many were the voices that were raised to criticize loss of the jewels of the industrial portfolio of the entity Vigo. For the sector in which it operates, also appears to be strategic CVC, since the acquisition marks its entry into telecommunications.

"We fully share the objectives of Caixanova, as also private equity funds are long-term investors, with an average period spent in the company almost nine years," says Javier de Jaime, chief executive of the fund Spain. "Our focus is solely and exclusively by the professionalism in management, because this helps to develop strong companies capable of competing in and outside Spain. YR has demonstrated that it has ability to lead much more ambitious projects. "Dopico

goes further and turns white on black the expectations for the company." There is a commitment to broadcast the Galician government that the two shareholders who remain are going to invest in Galicia 330 million euros, "he says," but we have reserved another 1,500 million for growth. "And it offers some clues:" The cable currently reaches 50% of households in Spain, there is much room to win. "The hoped-frequency regional mobile telephony is another objective.

Three Kingdoms to three operators

Galicia Asturias and the Basque country have more in common than blue sea and the green of the hills. For example, are the only three autonomous regions with a local cable operator, making these firms, given their place and identification with the customer in a tough competitor and a juicy morsel. In the case of Telecable, based in Gijón and founded in 1994, Cajastur has more than 90% of its shares.

Euskaltel, the Basque equivalent, has a more diverse capital, in which

BBK and Kutxa
total just over 56%. The Basque Government reserves another 7%. Template, size, number of business customers and make the three operators very similar. "If we had bought Ono and Telefónica, it would follow that model and all that is R disappear," says Arturo Dopico.

The R is the story of a cumulative investment since its creation in 1999 of more than 720 million. A million and half Galician (760,000 households, about 74 municipalities, according to the company) may receive all services. Before the entry of CVC, plans to bring the cable passed 12 other cores (100,000 customers) within two or three years, according to estimates of the group. Now, they insist, will open other doors.

steps the mark and also its northern counterparts. For example, Euskaltel has created a second brand, Live Mobile, which already operates outside its territory. Basque operator tries to capture Germans, British and Dutch, in particular, who live or spend long periods in the English coast. Based in Alicante, Viva Mobile is what is known as a niche brand, with a vocation to attract customers with high purchasing power. Now, that's another way to R. -

By: Julián Rodríguez

Source: Business