By Alex Trelinski • 01 June 2020 • 12:18
Photo of Angeles Muñoz, the mayor of Marbella.
Credit: [email protected]_Marbella
ONE of Spain’s top mobile phone and internet companies is set to be owned by Americans, in a move that will be watched closely by rivals like Movistar and Vodafone.
An American group of private equity investors have a tabled what they have described as a “friendly bid” of under €3 billion for MasMovil.
The immediate effect of that news saw MasMovil share levels increase by over 20 per cent.
MasMovil has been in business for 23 years fighting names like Movistar and Vodafone, and sells packages of landline and mobile phones, as well as internet access.
Spain’s telecoms market is regarded as one of the most active in Europe and MasMovil is no stranger to takeovers, having bought up Pepephone and Yoigo in 2016.
MasMovil’s Austrian CEO, Meinrad Spenger, said that the company had met the private equity investors, and had agreed to the bid, and said it would be “beneficial for the shareholders and other stakeholders in the company.”
The deal is almost certain to go through, even though half of the shareholders would have to accept the offer.
One factor is that the bidders have told MasMovil that they are not planning any changes in the direction of the operation, or in the management and staffing.
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