Euskaltel circled by PE firms; may seek merger with Masmovil
Euskaltel [BME: EKT] , the Spanish telecom operator, is being circled by several PE firms interested in acquiring a significant stake in its capital, Expansion reported, without citing sources. The investors believe several shareholders are ready to sell, the Spanish-language report said.
The funds are seeking a stake of less than 30% to avoid a compulsory takeover bid, according to the report. A possible aim of the transaction could be to encourage a merger of Euskaltel and its rival Masmovil Ibercom [BME:MAS], the report said.
Euskaltel closed on Friday at EUR 7.38 per share, which gives the company a market capitalisation of EUR 1.319bn.
Euskaltel’s largest shareholder is the Spanish savings bank Kutxabank, which owns a 21.3% stake.