Val Telecomunicaciones, a Spanish investment holding company, is seeking a buyer for its stake in cable provider Ono SA, according to reports.

Val Telecomunicaciones is said to have hired Jefferies Group to find an acquirer for its 5.4 per cent holding in Madrid-based Ono. The stake could be sold for about €120 million which would value the closely held company at about €2.2 billion.

European cable operators Kabel Deutschland and Virgin Media were acquired this year, fuelling speculation that Ono may also be a target as telcos add broadband assets. Ono could be attractive for both Vodafone and Liberty Global.

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