'Market darling' MasMovil ready to revive LBOs

KKR, Cinven and Providence Private Equity have launched the first post-Covid take-private LBO attempt, targeting Spanish telecommunications company MasMovil with a €3bn takeover offer at €22.50 a share, giving the company an enterprise value of around €5bn. Barclays, BNP Paribas and Morgan Stanley have underwritten the financing for the buyout.