In a statement, the National Stock Market Commission (CNMV) says that the offer by the three funds in question – Cinven, KKR and Providence, each holding a 33.3% share in the holding company – effectively amounts to €22.50 in cash per share. It is formulated as a purchase and sale of shares.
While none of the three funds already has a direct stake in Masmovil, a limited company named PLT VII Mas, indirectly owned by Providence Holdings Vll, holds shares representing a 9.158% interest in the telco.
Masmovil is the fourth largest telco in Spain and posted total revenues of €445 million in the first quarter, up 16% on the same period last year. Its adjusted EBITDA was €134 million (+27%) and adjusted net income €33 million.
The company had a total of 9.2 million lines at the end of Q1. Of these, 7.6 million were mobile and 1.6 million broadband.
Working with Orange and Vodafone, its FTTH footprint reached 24.4 million BUs as of the end of March.
In March it entered into an agreement to buy the mobile operator Lycamobile España for around €372 million in cash.