Grupo MASMOVIL is poised to complete its planned delisting from the Madrid, Barcelona, Bilbao and Valencia stock exchanges today (16 November), El Economista reports, citing an announcement from the National Securities Market Commission (Comision Nacional del Mercado de Valores, CNMV). Trading of shares was suspended on 23 September to allow new owner Lorca Telecom Bidco to carry out the ‘sustained order’ purchase of the 13.59% of the company’s shares that were still outstanding. As per the report, Lorca has now successfully acquired 99.32% of the company’s shares, paving the way for the delisting.
As previously reported by TeleGeography’s CommsUpdate, in May this year MASMOVIL 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.