Maxcom Telecomunicaciones SAB posted its biggest gain in more than 19 months after the Mexican phone carrier announced it reached a new agreement that would lead to a debt restructuring and a takeover by private equity company Ventura Capital Privado SA.
Shares jumped 18 percent to 5.24 pesos at the close in Mexico City for the largest advance since Nov. 15, 2011. The stock reached its highest price in almost four months.
Ventura and related parties will offer 2.90 pesos a share for Maxcom and will contribute $45 million in capital to the company, according to a statement yesterday. Bondholders representing $84 million of Maxcom’s $200 million in notes due next year agreed to a Chapter 11 bankruptcy plan that includes a swap for debt maturing in 2020.
The pact gives Mexico City-based Maxcom a second chance to improve its ability to compete in Mexico after debtholders rejected a previous Ventura takeover attempt in April. Maxcom has less than 5 percent of Mexico’s landline phone market, compared with about 80 percent for America Movil SAB, controlled by billionaire Carlos Slim.
If the deal is completed, it “could generate an important advance” in Maxcom’s share price, Andres Audiffred, an analyst with Grupo Financiero Ve Por Mas, said in a note to clients. The deal “would allow the company to focus its efforts on operating performance,” he wrote.