On Monday, three of the leading multinational private equity funds such as the New York City-based KKR & Co. Inc., former known as Kohlberg Kravis Roberts, London-based Cinven and the Rohde Island-based American private investment company Providence, said in a statement that the they had made a €2.96 billion ($3.3 billion) bid for the Spanish telecom operator MasMovil Ibercom SA, marking up the first major buyout attempt from any private equity firm for a European entity since the onset of the pandemic outbreak.
On top of that, KKR, Cinven and Providence had also added on their statement that 29.56 per cent stakeholders of the Spanish telecom industry giant, MasMovil, had already agreed to sell their common stock off at a price of €22.50 per share, while the Rohde Island-based American multinational private equity fund, Providence had already been the second-largest stakeholder of MasMovil holding 9.16 per cent stake in the Spanish telecom giant, which had made a cascade of acquisition since its listing on Madrid’s index for smaller, growing companies back in the 2014s.
More importantly, the offer document had also revealed that all three private equity funds bidding combinedly for the MasMovil, would hold equal stakes in the company, if the buyout bid is approved by the MasMovil management board.
Besides, followed by the reveal of the takeover bid, Madrid-listed shares’ prices of MasMovil had surged as much as 24 per cent on Monday’s pre-market trading, however, rounded off the Tuesday’s market down by 1.47 per cent to €22.84 per share.
MasMovil agrees $3.3 billion takeover deal
In tandem, in the latest sign of an approval of the acquisition bid, MasMovil Chief Executive Meinrad Spenger was quoted saying in a statement that the Spanish telecom industry titan had already signed off an accord with the bidders adding “the acquisition would be beneficial for the shareholders and other stakeholders in the company.
” Besides, Spenger had also added in his statement that the bidders had agreed to maintain MasMovil’s executive team, staffs and strategies.