'Market darling' MasMovil ready to revive LBOs

Masmovil from company 575x375
By Owen Sanderson
01 Jun 2020

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.

The Covid crisis has largely closed the market for traditional leveraged buyouts, with only a handful of sponsor-backed takeovers announced since March. Some of these have been in sectors benefiting from the coronavirus lockdowns, such as EQT’s takeover of hand sanitiser firm Schülke, while others, including KKR’s takeover ...

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