Yoigo suitor MasMovil tables EUR 550m final offer as Zegona misses deadline
MasMovil has tabled an offer for Yoigo after Zegona, the UK fund that was in exclusive talks to acquire TeliaSonera’s Spanish operator, failed to present an offer within the allotted period, El Confidencial reported, citing sources close to the transaction.
As reported, Zegona had announced a preliminary offer of up to EUR 630m for Yoigo. However, the UK-listed firm was unable to table a final binding offer before the deadline due to difficulties in finding financing.
Meanwhile, Masmovil presented a final offer of EUR 550m, the report said.
TeliaSonera, the Swedish group that owns 75% of Yoigo, must now decide whether to sell to Masmovil or give more time to Zegona in the Deutsche bank organized transaction, the report said.
Should TeliaSonera accept the MasMovil offer, the owner would then have to negotiate with ACS, FCC and Abengoa, the acquisition of the remaining 25% of Yoigo, the report added. ACS holds 17%, and books the stake at EUR 198.4m, which would value Yoigo at EUR 1.166bn. FCC has a far lower valuation of its 3.44%, booking the stake at EUR 11.2m.
According to the El Confidencial report, both MasMovil and Zegona have offered ACS special terms on its stake should it sell at a later date, allowing the company to avoid provisioning its holding in the near term.
At the end of last year Yoigo reported revenues of EUR 854m, up 5% compared to 2014 and EBITDA o f 77m, up 12%, El Confidencial added.
El Confidencial