{"id":118855,"date":"2021-03-29T12:44:49","date_gmt":"2021-03-29T12:44:49","guid":{"rendered":"https:\/\/precoinnews.com\/?p=118855"},"modified":"2021-03-29T12:44:49","modified_gmt":"2021-03-29T12:44:49","slug":"masmovil-targets-euskaltel-to-gain-ground-in-crowded-spanish-telecoms-market","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/masmovil-targets-euskaltel-to-gain-ground-in-crowded-spanish-telecoms-market\/","title":{"rendered":"Masmovil targets Euskaltel to gain ground in crowded Spanish telecoms market"},"content":{"rendered":"

MADRID (Reuters) -Spanish telecoms group Euskaltel said on Monday it would cooperate on a 2-billion-euro ($2.35 billion) takeover bid by larger rival MasMovil, which is set to shake up the country\u2019s competitive market.<\/p>

FILE PHOTO: A balloon with the logo of Masmovil is seen during its bourse debut in Madrid, Spain, July 14, 2017. REUTERS\/Juan Medina\/File Photo<\/figcaption>

Shares in Euskaltel surged 16% in early trade on Monday, a day after MasMovil announced a friendly takeover bid for the company, which is set to share up Spain\u2019s competitive telecoms market. Its offer was priced at a 16.48% premium to Friday\u2019s closing price.<\/p>\n

Euskaltel\u2019s major shareholders Zegona, Kutxabank and Alba Europe – which combined own 52.32% of Euskaltel – have agreed to accept the offer of 11.17 euros per share, MasMovil said on Sunday.<\/p>\n

Zegona Chief Executive Eamonn O\u2019Hare told Reuters that eight other investors needed to agree to back the deal. \u201cIt\u2019s going to be a slam dunk,\u201d he said.<\/p>\n

Euskaltel said it would give MasMovil \u201cneeded support\u201d that was reasonable to carry out the takeover and prepare documents to secure approval from regulators.<\/p>\n

Euskaltel, which had focused on the Spanish regions of the Basque country, Galicia and Asturias, pushed outside of its traditional market last year when it offered British billionaire Richard Branson\u2019s Virgin brand across Spain.<\/p>\n

A merger with Masmovil could create stronger competition for Spain\u2019s three main telecoms operators Telefonica, Vodafone and Orange.<\/p>\n

Euskaltel\u2019s share price hit its highest level in five years on Monday, adding about 0.3 billion euros to the company\u2019s market value.<\/p>\n

Euskaltel said its board would set out its position regarding the bid.<\/p>\n

MasMovil, which is owned by private equity funds, Providence and Cinven, said its approach was friendly and would only proceed if accepted by holders of at least 75% plus one share of Euskaltel\u2019s capital.<\/p>\n

Zegona\u2019s O\u2019Hare said he expected the deal to close early in the fourth quarter, chiming with brokers Canaccord Genuity who said in a note that the tender process should take about six months, and faced little regulatory risk.<\/p>\n

Euskaltel had been working on selling a 49% stake in its broadband infrastructure arm to help raise cash. O\u2019Hare said that if the Masmovil offer hadn\u2019t come along Euskaltel that stake sale would probably have gone ahead.<\/p>\n

($1 = 0.8502 euros)<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

MADRID (Reuters) -Spanish telecoms group Euskaltel said<\/p>\n","protected":false},"author":3,"featured_media":118854,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"\nMasmovil targets Euskaltel to gain ground in crowded Spanish telecoms market - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/markets\/masmovil-targets-euskaltel-to-gain-ground-in-crowded-spanish-telecoms-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Masmovil targets Euskaltel to gain ground in crowded Spanish telecoms market - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"MADRID (Reuters) -Spanish telecoms group Euskaltel said\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/markets\/masmovil-targets-euskaltel-to-gain-ground-in-crowded-spanish-telecoms-market\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-29T12:44:49+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/03\/cnewsfotor769.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/markets\/masmovil-targets-euskaltel-to-gain-ground-in-crowded-spanish-telecoms-market\/\",\"url\":\"https:\/\/precoinnews.com\/markets\/masmovil-targets-euskaltel-to-gain-ground-in-crowded-spanish-telecoms-market\/\",\"name\":\"Masmovil targets Euskaltel to gain ground in crowded Spanish telecoms market - 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