MásMóvil may change owners in the short term. Venture capital funds KKR and Cinven are preparing a friendly takeover bid (takeover bid) by the Spanish operator, on a price bracket between 23 and 26 euros per share. The operation has the approval of the management team of MásMóvil, whose own internal valuation exceeds 3,000 million euros by the company.
The consortium of these funds could be joined by others such as Blackstone or Providence, according to El Confidencial, and other means have been echoed. This second fund is already a shareholder of the mobile operator. The offer would go intended for retail investors of the listed company, which have around 60% of share capital. The rest of the shareholders are taken over by the management team led by Meinrad Spenger and José María Echarri, the Providence fund itself and various families, such as Ybarra Caneaga and the Domínguez, owners of Mayoral.
The shares of the Spanish closed on Friday at 18.72 euros per title, after registering a 2.8% rise. Its market capitalization exceeds 2,375 million euros. So far this year, it has dropped almost 6.9%, although since the March lows it has recovered more than 53%.
The operator debuted on the stock market in 2012, when it made the jump to MaB. In 2016, it made two important operations, when it acquired all of Pepephone and then Yoigo. Currently, MásMóvil Ibercom offers Internet access, telephony and a data center.
The objective would be to take control of more than 75% of the shares and proceed to their exclusion from the stock market, a trend that venture capital funds have already anticipated because of the instability in the markets due to the coronavirus.