MASMOVIL boss calls takeover bid 'beneficial for shareholders'

2 Jun 2020

Meinrad Spenger, the CEO of Spanish alternative operator Grupo MASMOVIL, has described the proposed takeover of the company by three buyout funds as ‘beneficial for MASMOVIL’s shareholders and other stakeholders.’ The telco has confirmed that it has had ‘negotiations and conversations’ with the consortium, and the main terms of the offer have been authorised by MASMOVIL’s board of directors.

The confirmation was included in a filing with the National Securities Market Commission (Comision Nacional del Mercado de Valores, CNMV), which confirmed that MASMOVIL (legal name: MASMOVIL IBERCOM) had received a takeover bid from Lorca Telecom Bidco, a company indirectly owned by funds advised by Providence, Cinven and KKR.

According to Spanish press reports, the deal values MASMOVIL at EUR2.96 billion (USD3.29 billion), or EUR22.50 in cash per share.

Spain, Cinven, Grupo MASMOVIL (incl. Yoigo), Kohlberg Kravis Roberts & Co (KKR)