The COO of Telefónica says it has no plans and no need to float O2 on the stock exchange
The chief operating officer of Telefónica has said the company has no plans to float UK arm O2 on the stock exchange.
The group put shares from its German arm up for sale last year in what was Europe’s largest even initial public offering (IPO) in Europe, raising €1.45 billion for Telefónica Deutschland.
Speaking at an event in London today, José María Álvarez-Pallete said the same will not happen to O2 in the UK.
Explaining the decision to float its German arm, he said: “We invested a significant amount of money in Germany but we were still a fourth-place player – so for us it was about crystallising out German company which was significantly undervalued.”
In the UK, however, Álvarez-Pallete said: “Our financial situation is pretty solid.
“We have no plans and have no need [to issue an IPO].”