MASMOVIL plots EUR130m takeover of Ahimas

8 Apr 2020

Spanish alternative operator Grupo MASMOVIL is poised to add yet another brand to its growing portfolio, via the proposed takeover of rural telecoms specialist Ahimas (Ahi+). The latter currently provides a full suite of telecoms services (including mobile connectivity via an MVNO) as well as pay-TV access. According to Spanish business daily Expansion, MASMOVIL has exercised a purchase option to acquire all the capital of Ahimas parent company Inversiones Locua in a deal valued at EUR130 million (USD141.3 million).

The report notes that Ahimas leverages MASMOVIL’s fixed and mobile networks via wholesale agreements, and the acquisition option has been in place since 2016. MASMOVIL has been prompted to push the transaction through after Ahimas received a higher takeover offer – valued at around EUR200 million – from an unnamed investment fund. A deal could now conclude as early as July – subject to an agreement between MASMOVIL and Ahimas founder Jose Carlos Oya. Last year MASMOVIL paved the way for the transaction, when it acquired a 50.0001% stake in Spotting Development, which owns 31.66% of Inversiones Locua.

Ahimas has grown in scale in recent years after absorbing around a dozen local operators in locations such as Extremadura, Castilla-La Mancha, Andalusia and Comunidad Valenciana. The company was understood to have ended 2019 with around 110,000 MVNO customers and 125,000 fixed line users, while its fibre networks passed around 350,000 real estate units (homes and offices). The telco targets towns with fewer than 25,000 inhabitants. Full-year turnover was in the region of EUR70 million.

Spain, Ahimas (Ahi+), Grupo MASMOVIL (incl. Yoigo)