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The Government authorizes the takeover bid of KKR, Cinven and Providence on MásMóvil


The Council of Ministers authorized this Tuesday the Public Offering of Acquisition of Shares (OPA) announced by the funds KKR, Cinven and Providence on MásMóvil and that values ​​the company at 2,963.57 million euros.

Their permission is made on the foreign investment announced by Lorca Telecom Bidco, an instrumental company belonging to the three venture capital funds and through which they intend to buy Spanish teleco.

According to figures in the references of the Council of Ministers, their permission is granted in accordance with the provisions of Law 19/2003, on the legal regime of capital movements and economic transactions abroad, and on certain measures to prevent money laundering, and after a favorable report from the Foreign Investment Board.

The three funds announced a takeover bid for MásMóvil at 22.50 euros per share, which implied a premium of 20.2% over the 18.72 euros at which it was quoted on the eve of proposing the offer.

It involves valuing the teleco at almost 3,000 million euros and for its financing, the funds have obtained guarantees granted by Barclays, BNP Paribas and Morgan Stanley, for an amount of almost 987.86 million euros each.

The operation is conditioned on the acceptance of 50% of the shares and the bidders already have the irrevocable commitment of 30% of the current significant shareholding.

In addition, it has the backing of the Board of Directors and the management team, who in a communication to the CNMV have recognized that it is a beneficial operation for the shareholders and other 'stakeholders' of the company.

The final objective of the bidders is to exclude MásMóvil from listing on the Stock Market and give continuity to its strategic plan, as stated by the company itself, who indicated that the intention was also to keep the employees and management team

. (tagsToTranslate) Government (t) authorizes (t) KKR (t) Cinven (t) Providence (t) on (t) MásMóvil (t) Category: All (t) Category: Company News (t) Category: Pulsos (t ) Category: Market Pulse (t) Category: Sectorial: Communications

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