Freshfields advises Cinven, KKR and Providence in their consortium investment relating to a €3bn voluntary public bid for the entire share capital of MÁSMÓVIL IBERCOMFreshfields Bruckhaus Deringer LLP ('Freshfields') has advised Cinven, KKR and Providence in their consortium investment relating to a €3bn voluntary public takeover bid for the entire share capital of MÁSMÓVIL IBERCOM. This transaction is the largest take-private of a listed European telecoms company in more than two years and the largest private equity deal in terms of EV in the Spanish market to date. It is also the first take-private deal in Europe by private investors since the beginning of the Covid-19 crisis.
The MÁSMÓVIL Group is the fourth largest telecommunications operator in Spain included in the selective club of IBEX 35, with an enterprise value of Euros 4.8bn. The group offers fixed line, mobile, and internet services to residential customers, businesses and operators, through its main brands: Yoigo, MÁSMÓVIL, Pepephone, Llamaya and Lebara and has 8.9m customers.
This transaction is subject to approval, or non-opposition, from the Spanish Securities Exchange Commission - CNMV, antitrust authorities (EU, China, Turkey, Serbia, Israel), the Spanish Ministry of Commerce (on FDI authorisation) and the Spanish Ministry of Industry, Commerce and Tourism (on telecoms authorisation) and the Bank of Spain.
The Freshfields team was led by partners Armando Albarrán, Alvaro Iza, Iñaki Gabilondo, with support from counsel Miriam Pérez-Schafer and Ignacio Borrego.
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