Skip to content
Subscriber Only

Spain’s Masmovil Bids $2.5 Billion for Phone Rival Euskaltel

  • Three largest investors have signaled they will accept offer
  • Speculation over a potential deal has rippled for years
Euskaltel SA Telecom Stores And Headquarters

Photographer: Pau Barrena/Bloomberg

Updated on

Masmovil Ibercom SA offered 2.1 billion euros ($2.5 billion) for smaller Spanish telecommunications rival Euskaltel SA, in a friendly deal set to shake up the country’s highly competitive market.

Masmovil is offering 11.17 euros per share in cash -- Euskaltel’s three largest shareholders, who own a combined 52%, have already accepted the deal, according to a regulatory filing Sunday. The offer marks a 16% premium to Friday’s closing price and Masmovil said it already has financing in place, including bank debt.