MásMóvil’s €2 Billion Takeover Bid for Euskaltel

MásMóvil's €2 Billion Takeover Bid for Euskaltel

Clifford Chance, Freshfields, Evergreen Legal and Castañeda Abogados advised MásMóvil on the deal, while Uría Menéndez advised Euskaltel. Travers Smith LLP has advised Zegona Communications.

MásMóvil, which is indirectly controlled by KKR, Cinven and Providence, has launched a friendly takeover bid for rival Spanish telecoms firm Euskaltel worth nearly €2 billion($2.4 billion), in a move set to shake up Spain’s competitive telecoms market, through MásMóvil wholly-owned company, Kaixo Telecom. Euskaltel shareholders Zegona Communications plc, Kutxabank, S.A. and Alba Europe SARL have already agreed to sell their shares (53,32 % stake) to MásMóvil. The takeover bid is a Public to Private Transaction (P2P), as MásMóvil intends to delist Euskaltel.

Euskaltel will keep its brand, employees and headquarters, and MásMóvil will strengthen its position as the fastest-growing operator in the Spanish telecommunications market, becoming the fourth-largest communications group in Spain.

Euskaltel’s Board of Directors received on March 15, 2021, a non-binding offer letter subject to certain pre-conditions, among which was the performance of a confirmatory due diligence, after which the friendly offer was considered attractive. The members of Euskaltel’s Board of Directors will decide on the takeover bid within the deadlines established by the applicable regulations, once the CNMV authorises the takeover bid and the Board of Directors receives the necessary financial reports and legal advice.

Euskaltel, S.A. is a Spanish telecommunications company based in Derio, Basque Country.

Founded in 1997, the Masmovil Group is the fastest growing Western European telecommunications operator and the fourth largest telecommunications operator in Spain.

Uría Menéndez advised Euskaltel with a Madrid office team formed by Capital Markets partner Gabriel Nuñez (Picture), M&A-Private Equity, Digital Group partner Pablo González-Espejo, Capital Markets senior associate Álvaro Hernandez and Private Equity junior associate José Ariza. Antitrust advice was provided from the Brussels office by partner Edurne Navarro and junior associate Alberto Pérez.

Clifford Chance counselled MásMóvil with a team comprising M&A partners Luis Alonso and Javier García de Enterría, together with lawyers Javier Olábarri, Patricia Puertas and Patricia Arribas. Antitrust advice was provided by counsel Begoña Barrantes, senior associate Ana Latorre and lawyer Sara Selma. Partner and head of the Public Law practice in Spain Jaime Almenar, together with counsel and head of the Barcelona office practice Carme Briera assisted with Public Law matters, along with lawyer Marc Casas. Global Financial Markets partner Epifanio Pérez provided B&F advice, along with lawyer Eugenio Fernandez-Rico.

Freshfields Bruckhaus Deringer advised MásMóvil with a Global Transactions (Corporate) team including partner Armando Albarrán, senior associate Carla Gómez and associate Javier Sánchez Valiente. Other practice areas also provided advice, with Regulatory of counsel Ignacio Borrego, Regulatory senior associate Ana Calvo and Antitrust partner Álvaro Iza.

Evergreen Legal assisted MásMóvil with the financing of the takeover bid, with founding partner Alberto Campo and B&F counsel Yurena Medina.

Castañeda Abogados provided Corporate advice to MásMóvil with a team led by Alberto Castañeda, secretary to the Board of Directors of Másmóvil Ibercom and Lorca Telecom Bidco, along with senior associate, Jesús García.

The Travers Smith team was led by Corporate Partner Aaron Stocks.

Involved fees earner: Alberto Castañeda – Castañeda Abogados; Jesús García – Castañeda Abogados; Jaime Almenar – Clifford Chance; Luis Alonso – Clifford Chance; Patricia Arribas – Clifford Chance; Carme Briera – Clifford Chance; Marc Casas – Clifford Chance; Eugenio Fernández-Rico – Clifford Chance; Javier García de Enterría – Clifford Chance; Ana Latorre – Clifford Chance; María Begoña Barrantes – Clifford Chance; Javier Olábarri – Clifford Chance; Epifanio Perez – Clifford Chance; Patricia Puertas – Clifford Chance; Sara Selma García – Clifford Chance; Alberto Campo – Evergreen Legal; Yurena Medina – Evergreen Legal; Armando Albarrán – Freshfields Bruckhaus Deringer LLP; Ignacio Borrego – Freshfields Bruckhaus Deringer LLP; Ana Calvo – Freshfields Bruckhaus Deringer LLP; Carla Gómez – Freshfields Bruckhaus Deringer LLP; Álvaro Iza – Freshfields Bruckhaus Deringer LLP; Javier Sánchez – Freshfields Bruckhaus Deringer LLP; Aaron Stocks – Travers Smith; José Javier Ariza Rossy – Uria Menendez; Pablo Gonzalez-Espejo – Uria Menendez; Álvaro López Hernández – Uria Menendez; Edurne Navarro – Uria Menendez; Gabriel Nuñez – Uria Menendez; Alberto Pérez – Uria Menendez;

Law Firms: Castañeda Abogados; Clifford Chance; Evergreen Legal; Freshfields Bruckhaus Deringer LLP; Travers Smith; Uria Menendez;

Clients: Euskaltel; Masmovil Ibercom, S.A.; Zegona Communications;

Giulia Di Palma

Author: Giulia Di Palma

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