KKR, Cinven, Providence file public tender offer for Masmovil

MADRID (Reuters) – Buyout funds KKR , Cinven and Providence teamed up to file a 2.96 billion euro ($3.30 billion) public tender offer for Spanish telecom company MasMovil on Monday.

The three funds offered 22.50 euros per MasMovil share and said shareholders with 29.56% already committed to sell at a price that represent a 20% premium over Friday close.

MasMovil provides fixed line, mobile and internet services to Spanish households.

The takeover bid is the first attempt by heavyweight private equity investors to buy a publicly listed company in Europe in a so-called take-private deal since the coronavirus crisis brought the region to a halt.

The three funds conditioned their takeover bid to the acceptance of at least 50% of shares.

($1 = 0.8977 euros)

(Reporting by Inti Landauro)