86.41% of shareholders approve MASMOVIL takeover

18 Sep 2020

Grupo MASMOVIL has announced that 86.41% of its shareholders have approved the EUR2.96 billion (USD3.24 billion) takeover bid by Lorca Telecom Bidco, a company indirectly owned by funds advised by Providence, Cinven and KKR. The deal – which was previously welcomed by the telco’s board of directors, as well as by CEO Meinrad Spenger – values the telco at EUR22.50 in cash per share. Reuters notes that under Spanish takeover law the new owners still need to call a shareholder meeting to approve the firm’s delisting.

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