MADRID, Spain-Telefonica announced it will invest $250 million in a global
telecommunications fund being set up to take advantage of the telecom, media, Internet and other investment
opportunities being created by convergence and consolidation, as well as the emergence of new technologies. The fund,
into which Onex Corp. of Canada also has agreed to commit $150 million, is expected to have committed capital of
more than $1 billion.
The management team who will run the fund include Laurence Grafstein, former head of the
global telecommunications practice at Credit Suisse First Boston, and Mohamed Amersi, a Geneva-based mergers and
acquisitions specialist with Jones, Day, Reavis and Pogue.
The fund is expected to commence May 1, said
Telefonica.
