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
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