Euskaltel Board of Directors unanimously approves MASMOVIL takeover bid

13 Jul 2021

The Board of Directors at Spanish regional operator Euskaltel has informed the market that it has unanimously approved the previously agreed takeover offer from Kaixo Telecom, which owns Grupo MASMOVIL. The vote took place on 12 July.

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)