A trio of private equity majors look set to complete their agreed €2.96bn buyout of listed Spanish telecoms operator MasMovil after no rival offers for the company emerged.
KKR, Cinven and Providence Equity Partners are all taking part in the deal – believed to be the biggest European PE buyout since the coronavirus crisis began.
The consortium bid requires half of MasMovil’s stockholders to give their assent in order to go ahead, and had already been approved by holders of almost one third of MasMovil’s stock in June.
Some shareholders had complained the consortium of KKR, Providence and Cinven were offering too little, a board report detailed by Reuters said.
It added that board member Rafael Dominguez, who holds 8.25% of the company, considered the offer price is too low and is planning to vote against it.
The Spanish telecommunications business provides fixed line, mobile, and internet services to residential customers, businesses and operators through its brand Yoigo, MÁSMÓVIL, Pepephone, Llamaya and Lebara.
MasMovil Group’s fixed network reaches 18 million households with ADSL and close to 23.4 million with optical fibre, while its 4G mobile network covers 98.5% of the Spanish population.
Source: AltAssets
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