Grupo MASMOVIL has submitted a delisting request to the National Securities Market Commission (Comision Nacional del Mercado de Valores, CNMV), as its new owner, Lorca Telecom Bidco, presses ahead with plans to take the company private. On 26 October the telco also lodged corresponding requests for the delisting of its share capital from the Madrid, Barcelona, Bilbao and Valencia stock exchanges and, consequently, from the Stock Exchange Interconnection System. Trading of shares was suspended on 23 September to allow Lorca to carry out the ‘sustained order’ purchase of the 13.59% of the company’s shares that are still outstanding. This process is due to conclude on 3 November.
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 – valued the telco at EUR2.96 billion (USD3.24 billion), or EUR22.50 in cash per share.