CNMV approves MASMOVIL takeover of Euskaltel

7 Jul 2021

The Board of the Spanish National Securities Market Commission (Comision Nacional del Mercado de Valores, CNMV) has authorised the takeover bid for the shares of Euskaltel submitted by Kaixo Telecom, which owns Grupo MASMOVIL. Kaixo is co-owned by international private equity firms Cinven, KKR and Providence, and the CNMV’s approval comes after the government authorised the foreign investment.

The 100% takeover of Euskaltel involves the buyout of 178.645 million shares, which are priced at EUR11 (USD13) per share, for a total takeover fee of EUR1.965 billion. Euskaltel’s three largest shareholders, Zegona Communications, Kutxabank and Alba Europe – who collectively hold 52.32% of the company’s shares – accepted the takeover proposal in March this year.

Spain, Euskaltel Group (incl. R Cable and Telecable), Grupo MASMOVIL (incl. Yoigo)