The MásMóvil-Euskaltel union is closer. The Minister council has resolved, at its meeting of June 22, 2021, and after a favorable report from the Board of Foreign Investments, authorize Kaixo’s foreign investment, whose latest investors are Cinven Luxco, KKR and Providence (the former with registered office in Luxembourg, and KKR and Providence with registered office in the USA), in the Spanish company Euskaltel.
The Government gives the green light to the MásMóvil-Euskaltel takeover bid.
The operation already had theapproval of the National Commission of Markets and Competition (CNMC), as well as the Secretary of State for Telecommunications and the Serbian authority, with which only the authorization of the National Securities Market Commission (CNMV) remains, that has already admitted the operation to process.
If approved, MásMóvil expects to acquire 11 euros per share 100% of Euskaltel, an operation for a figure close to 2,000 million euros.
To be successful, the takeover bid, which has the support of the three main shareholders of the Basque company, must reach 75% of the shares. The ultimate goal is to exclude the Basque operator from trading on the stock market. With the union of both companies, the telco commanded by Meinrad Spenger would add more than 14 million lines and create a group with annual revenues of 2.7 billion euros.