The three funds hoping to buy the Spanish telco MásMóvil have stated their commitment to maintaining employment and the company’s strategic plan.
According to El Economista, KKR, Providence and Cinven, which are grouped together as Lorca Telecom Bidco and have launched a public acquisition offer (OPA), have written to the National Securities Market Commission (CNMV) in which they set out their policy should the bid be accepted.
It includes maintaining the employment at current levels for the first year and supporting the management team’s plans, future business strategy the strategy growth developed by the current team.
Although all but one of MásMóvil’s directors have given their approval to the take-over bid, they have expressed reservations about the buyers’ plan to withdraw the telco from the Stock Exchange. The funds believe this would allow MásMóvil to implement its long-term vision without the pressure of market fluctuations.
The deadline for the acceptance of the bid fior the telco, which is valued at €2.964 billion, is September 30.
