The investment funds KKR and Cinven are preparing a Public Offer for the Acquisition of shares (OPA) on a friendly basis over the Spanish telecommunications operator MásMóvil, which would value the company at around 3,000 million euros.
As confirmed by market sources to Europa Press, the offer presented by the two firms, which was published this Sunday by 'El Confidencial' and advanced last April by 'Expansión', would contemplate a price per share of 22 euros or slightly higher. Official sources of MásMóvil declined to comment on this information.
The price offered represents a premium of around 15% -20%, as the operator's shares concluded the session on Friday at 18.72 euros. The company's shares returned last week to levels they were before the Covid-19 outbreak.
The impact that the coronavirus crisis has had on the stock markets led MásMóvil's shares to drop to a minimum of 12.2 euros on March 20, but once normal stock markets have recovered to recover the amount lost by the pandemic.
The takeover bid, which according to different media could be presented this week in case the funds finally decide to go ahead with this process, would have the support of the company's management team, as well as one of its main current shareholders, such as the Providence investment , which holds almost 9.2% of the capital.
The objective of this takeover bid, to which some of the funds that are currently shareholders of the operator could join, would be to exclude the company from the Ibex 35, a market that it joined at the end of June 2019 after a meteoric stock market evolution in the last years.
MásMóvil became in July 2017 the first company to make the leap in Spain from the Alternative Stock Market (MAB) to the Continuous Market, thus closing a stage of more than five years in the MAB, since it entered it in March 2012.
The company obtained a net profit of 22 million euros in the first quarter of 2020, the same amount that it achieved a year earlier, while equaling its historical record in terms of customer acquisition with 373,000 registrations in the first three months of the year .
Likewise, despite the Covid-19 crisis, it confirmed its Ebitda target of 570 million euros for the whole of the financial year 2020 and between 670 and 700 million euros for the year 2021. It also maintained its forecast that the expenditure of Capital (Capex) amounts to 295 million euros this year and 255 million euros next year.
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