Investment houses KKR, Cinven and Providence have made an agreed €2.96bn bid for Spanish multiplay telco MásMóvil, representing the first such European buy-out attempt by private equity firms since the onset of the Coronavirus crisis.
According to the three PE companies, holders of 29.56 per cent of MásMóvil’s stock had already agreed to sell for €22.50 per share.
In March 2020, MásMóvil acquired MVNO Lycamobile España for €372 million
MásMóvil Chief Executive Meinrad Spenger said the deal would be “beneficial for the shareholders and other stakeholders in the company”, revealing that the bidders have confirmed they would maintain continuity in MásMóvil’s strategy, staff and executive team.
The bid for MásMóvil is conditional on acceptance from at least 50 per cent of shareholders, according to the funds.