MASMOVIL leaves IBEX 35 after 50% of shareholders approve takeover

14 Sep 2020

Grupo MASMOVIL will cease trading on the IBEX 35 – the benchmark stock market index of the Bolsa de Madrid – today, after 50% of its shareholders voted in favour of its takeover by Lorca Telecom Bidco. The buyer told Expansion that the move ‘will allow the company to implement its business plan with a long-term vision without the pressure of fluctuations in the markets’.

As previously reported by TeleGeography’s CommsUpdate, in May this year Grupo MASMOVIL (legal name: MASMOVIL IBERCOM) received a takeover bid from Lorca Telecom Bidco, a company indirectly owned by funds advised by Providence, Cinven and KKR. The deal – which was welcomed by the telco’s board of directors, as well as by CEO Meinrad Spenger – values the telco at EUR2.96 billion (USD3.24 billion), or EUR22.50 in cash per share.

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