Spanish telecom operator MasMovil agrees $3.3 billion private equity bid

MADRID: KKR, Cinven and Providence said on Monday they had made a 2.96 billion euro ($3.3 billion) board-backed bid for Spanish telecoms operator MasMovil.

In the first European take-private attempt by major buyout firms since the coronavirus crisis struck, the private equity trio said holders of 29.56% of MasMovil’s stock had already agreed to sell for 22.50 euros per share.

Providence is MasMovil’s second-largest shareholder, with a 9.16% stake in the seller of fixed line, mobile and Internet services which has made a series of acquisitions since listing on Madrid’s index for smaller, growing companies in 2014.