Grupo MASMOVIL seals Nowo, ONI takeover

12 Nov 2019

Spanish alternative telecoms operator Grupo MASMOVIL has sealed its dual takeover of Portuguese operators Nowo and Onitelecom (ONI) – and wasted no time in overhauling the existing management teams. The new owner has appointed Arturo Dopico – who spent 18 years as CEO of Galicia-based R Cable – as CEO, while his former colleagues Pablo Iglesias and Paco Rodeiro will assume the positions of chief financial officer and chief planning officer, respectively. MASMOVIL CEO Meinrad Spenger credits the incoming Spanish executive team with generating EUR1 billion (USD1.1 billion) of savings at R Cable, which was sold to Euskaltel in 2015.

As previously reported by TeleGeography’s CommsUpdate, in October 2019 the Portuguese Competition Authority (Autoridade da Concorrencia, AdC) approved a request by MASMOVIL to acquire Cabonitel, the holding company which controls Portuguese operators Nowo and Onitelecom (ONI). The deal was carried out by MASMOVIL IBERCOM and GAEA INVERSION (a company specifically incorporated for the realisation of the transaction). Cabonitel owns 100% of the share capital of Nowo, which in turn holds the entire share capital of ONI. The companies were ultimately owned by Cabolink, a Luxembourgish company run by funds managed by US private equity firm KKR.

Portugal, Grupo MASMOVIL (incl. Yoigo), Kohlberg Kravis Roberts & Co (KKR), Nowo, Onitelecom (ONI)