Vodafone's ONO purchase reportedly cleared; Macquarie upgrades

|About: Vodafone Group Plc (VOD)|By:, SA News Editor

Reuters reports the EU is set to unconditionally approve Vodafone's (VOD +0.8%) $9.8B purchase of Spanish cable provider ONO. The EU previously set a July 2 deadline for its decision.

Vodafone, which has 25% of a Spanish mobile market that has been seeing steady revenue declines, plans to use ONO to offer quadruple-play packages. The carrier bought German cable provider Kabel Deutschland for $14.2B last year as part of its effort to offer mobile/wireline bundles in big European markets.

Shares are up moderately today, aided by an upgrade to Outperform from Macquarie.