Vodafone's $10B Ono deal could complicate AT&T's possible European efforts

Vodafone's $10 billion deal to buy Spanish cable operator Ono could complicate any plans AT&T (NYSE:T) may have for acquiring Vodafone, according to financial analysts.

The deal by Vodafone is an indication that it is doubling down on its own European expansion following Verizon Communications' (NYSE:VZ) $130 billion deal to acquire Vodafone's 45 percent stake in Verizon Wireless. The Ono deal is Vodafone's first major transaction since the Verizon deal closed last month. Vodafone struck a similar $10.7 billion deal for German cable operator Kabel Deutschland last year.

Last week at an investor conference AT&T CFO John Stephens said AT&T is now more squarely focused on the U.S. market--instead of Europe--than it was six months or a year ago. "We see the window of opportunity on owning assets there [in Europe]...