Orange is analysing the market in Spain ahead of making a possible move for Masmovil, the country’s fourth largest telco.
Quoting industry sources, El Economista reports that the French company’s management committee will in the coming days assess the range of possibilities that are arising in Spain related directly or indirectly to Masmovil.
As previously reported by Broadband TV News, the private equity funds Cinven, KKR and Providence have offered a total of €2.96 billion, equivalent to €22.50 in cash per share, for Masmovil.
This could certainly be matched by Orange, which already works with Masmovil, in order to consolidate its position in a country that is almost as important to it as its home market.
Significantly, should Orange decide to make a public offer to the one already submitted by the private equity funds and authorised by the CNMV, it would have to comply with a number of conditions before being accepted by Masmovil.
These include the offer’s acceptance by CNMV, the offer price being higher than 26 per share and payable in cash; and the minimum acceptance condition being 50% plus one share.
