A successful deal will see the three buyout funds take equal stakes in MasMovil, and the likes of Blackrock and Capital Research (see graphic) stepping away.
As the country’s fourth largest operator the Spanish telco provides fixed line, mobile and internet services across Spain and the consortium becomes the first private investors to purchase a publicly listed European company since the Covid-19 crisis started.
For KKR, this is the latest in the a series of deals following its $1 billion investment in data centre operator Global Technical Realty and its $1.5 billion stake in India’s Jio Platforms, both in May.
Last year KKR debuted in the UK with the purchase of a majority stake in full-fibre provider Hyperoptic and has since supported TIM’s merger with Open Fiber.
Meanwhile in March, MasMovil acquired the Spanish division of the world’s largest MVNO Lycamobile, for €372 million.
In its Q1 financial results, MasMovil – headed by CEO Meinrad Spenger (pictured) – reported a 27% increase in EBITDA and a 20% increase in service revenues, while the customer base reached 9.2 million subscribers, across by mobile (7.6 million) and broadband (1.6 million). As the takeover bid was confirmed earlier this week, shares climbed 22%.
