EUSKALTEL acquired by MASMOVIL
Context
MasMovil has launched a tender offer to acquire 100% of Euskaltel for €11.17 per share in cash. This acquisition is part of MasMovil's growth strategy, which aims to expand its telecommunications services offer in Spain. The acquisition of Euskaltel will allow MasMovil to strengthen its position in the Spanish market and benefit from significant synergies. Euskaltel's shareholders have welcomed the offer, which represents a 27% premium to the 30-day weighted average price. The transaction is expected to be completed in the coming months, subject to the necessary regulatory approvals. This acquisition is an important step in MasMovil's strategy, which aims to become one of the leading telecommunications operators in Spain. The company has already made significant acquisitions in the past, including the acquisition of Nowo Communications SA in 2020.
As a reminder, Euskaltel had previously acquired Telecable De Asturias in 2017 as part of its expansion strategy.
EUSKALTEL, which reported an EBITDA margin of in 2020, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the TMT (Tech, Media, Telecom) sector (15.1x).
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Target
Euskaltel is a Basque telecommunications company, established to provide high-quality communication services to individuals and businesses, with a significant presence in northern Spain, and an expansion strategy aimed at strengthening its market-leading position in the Spanish telecommunications market, by investing in cutting-edge technologies and developing innovative services, such as television, internet, and telephony, to meet the evolving needs of its customer base, with a team of dedicated and experienced professionals, who work to offer high-quality services and maintain customer trust, in a competitive environment where innovation and service quality are key, Euskaltel positions itself as a major player in the Spanish telecommunications sector, with a history of growth and development, and a vision for the future, based on innovation, quality, and customer satisfaction, with an extensive presence and a high-performance distribution network, enabling the company to maintain a competitive position and continue to grow in the Spanish market.
Ent. Value
Equity Value
Multiples
EV / Revenue
EV / EBITDA
EV / EBIT
Historical Financials (EUR)
Other operations with EUSKALTEL
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 05/2017 | EUSKALTEL | TELECABLE DE ASTURIAS | SPAIN | Operators |
REFERENCES
Valuation range: EV 3b - 100b EUR
Revenue range: 450M - 900M EUR
EBITDA range: 250M - 500M EUR
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Target: euskaltel
Acquirer: masmovil