O2 readying £10.3bn float in 2017

By:
Bill Boyle
Published on:

O2 is preparing to re-try its failed flotation soon, according to reports circulating in the money markets

O2 is preparing to return to the London stock market in a deal that would value the company at £10.3bn. 

The mobile phone operator, owned by Spanish firm Telefonica, had been scheduled to float at the end of 2016 but pulled out as several large businesses decided not to list.

However, O2 is now understood to be dusting off its 2016 plans for reuse in the next few months.

Institutional investors are reported to be buoyed-up by the stock market’s recent bullish run which saw it at a record high on the final day of trading of 2016.

O2 owner Telefonica recently sought to sell the company for £10.3bn to CK Hutchison, the owner of rival Three, but the deal was blocked by EU regulators.

According to the Thisismoney.com website the float will see investors offered a minority stake, in a bid by owner Telefonica to reduce its debt burden and wanted to dump part of the business through selling shares to millions of ordinary investors.