MASMOVIL, Vodafone deny EUR6bn merger reports

23 Oct 2019

Spanish alternative telecoms operator Grupo MASMOVIL and UK-owned full-service telco Vodafone Spain have denied press reports suggesting they are in discussions over a EUR6 billion (USD6.7 billion) merger. Spanish business daily El Confidencial, which cites multiple sources familiar with the matter, reported that Goldman Sachs was handling the negotiations on behalf of MASMOVIL, which is said to be the acquisitive party. It added that consultancy firm McKinsey was also involved in the transaction and had developed a strategic plan which estimated synergies worth EUR2 billion post-merger. The report added that talks were faltering over Vodafone Group’s valuation of its Spanish unit, which it believes is worth EUR8 billion. A Vodafone spokesperson rejected the claims, saying: ‘There is no truth whatsoever in speculation that Vodafone is in talks with MASMOVIL.’

Spain, Grupo MASMOVIL (incl. Yoigo), Vodafone Spain