Clifford Chance has advised MASMOVIL, which is indirectly controlled by KKR, Cinven and Providence, on the EUR 2 billion friendly takeover bid over Euskatel, through MASMOVIL wholy owned company, Kaixo Telecom. Euskatel shareholders Zegona Communications plc, Kutxabank, S.A. and Alba Europe SARL have already agreed to sell their shares (53,32 % stake) to MASMOVIL. The takeover bid is a Public to Private Transaction (P2P), as MASMOVIL intends to delist Euskaltel.

Euskatel will keep its brand, employees and headquarters, and MASMOVIL will strengthen its position as the fastest-growing operator in the Spanish telecommunications market, becoming the fourth-largest communications group in Spain.

The Clifford Chance team advising MASMOVIL was led by Madrid M&A group partners Luis Alonso and Javier García de Enterría, who were assisted by M&A senior associate Javier Olábarri, M&A associates Patricia Puertas and Patricia Arribas, antitrust counsel Begoña Barrantes, antitrust associate Ana Latorre supported by Sara Selma, public law partner Jaime Almenar, public law counsel Carme Briera, public law associate Marc Casas, Global Financial Markets (GFM) partner Epifanio Pérez, and GFM senior associate Eugenio Fernández-Rico.

The same team also advised MASMOVIL on the previous friendly EUR 5 billion takeover bid from KKR, Cinven and Providence.