KKR, Cinven, Providence file public tender offer for Masmovil

Via Reuters Finance

FILE PHOTO: A balloon with the MasMovil logo is seen as the telecoms company makes its stock market debut in Madrid, Spain, July 14, 2017. REUTERS/Juan Medina/File Photo

MADRID (Reuters) – Buyout funds KKR (KKR.N), Cinven and Providence teamed up to file a 2.96 billion euro ($3.30 billion) public tender offer for Spanish telecom company MasMovil (MASM.MC) on Monday.

The three funds offered 22.50 euros per MasMovil share and said shareholders with 29.56% already committed to sell at a price that represent a 20% premium over Friday close.

MasMovil provides fixed line, mobile and internet services to Spanish households.

The takeover bid is the first attempt by heavyweight private equity investors to buy a publicly listed company in Europe in a so-called take-private deal since the coronavirus crisis brought the region to a halt.

The three funds conditioned their takeover bid to the acceptance of at least 50% of shares.

($1 = 0.8977 euros)

Reporting by Inti Landauro

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