A race to acquire the 75% stake in Spanish mobile network operator is said to have reached a critical phase, according to Mobile World Live, citing a report by local press outlet Expansion. With Spanish telecoms outfit Grupo MASMOVIL and UK investment firm Zegona currently vying for the shareholding, it is understood that the latter has informed Telia Company, the current majority owner of Yoigo, that it will not wait much longer to reach an agreement. As such, it has been claimed that Grupo MASMOVIL could walk away if the sale is not closed in the next few days.
Telia, meanwhile, reportedly wants to be certain that before Zegona does drop out it can guarantee that the bid from Grupo MASMOVIL would be higher than the one made by the British investment company. Indications are that the offer from Grupo MASMOVIL could be more than EUR700 million (USD550 million), including 100% of Yoigo’s equity plus debt. By comparison, although Zegona is said to have offered less – around EUR550 million, including debt – it has been noted that this bid has the advantage of already being fully guaranteed, with the backing of Goldman Sachs, which has lined up banks to fund the offer.