Since it was excluded from the stock market after the merger by the venture capital, the possibility, or rather, the temporality, has always been discussed, that the company returned, sooner or later, to leave on the panels of the Spanish parquet. Now, according to the American media Financial Times, the possibility would be valued by the company.
This possibility, however, would always be circumscribed to 2026year in which, according to the medium, The lock period ends Two years that the different owners agreed, who are KKR, Cinven and Providence. From then on, in April, any of the parties could launch an OPV (public sales offer). It was also established that Orange could take a control participation on the entity if it comes to quote paying the same price as that of the IPO.
Waiting for in the coming months to concretize who does it and in what terms, would take advantage of a somewhat more favorable context for the sector than that of a few years ago, marked by the great competition and the strong investment needs they made to these companies, based in Europe, very unprofitable. Now, with a somewhat more lax regulatory philosophy with respect to free competition, consolidation in the sector is a reality, in addition to an environment of lower interest rates that allow greater financial slack in its heavy balances.
Masorange’s possible outposive would give another impulse to the IPOS market in Europe and Spain, which have suffered a certain drought after the pandemic and that last year had their greatest operation in Puig. In Spain, the most recent are Imperment and Cox At the end of 2024 and, and this course, HBX (HotelBeds)which, until now, loses 14% of its value.
First ‘Teleco’ of Spain
By number of customers in the Spanish market, Masorange is like the sector leaderahead of Telefónica Spain and Vodafone, with a market share of 41%. The merger operation, at the time, was valued at almost 19,000 million euros, below the current capitalizations of both Telefónica and Cellnex. In fact, only MasMóvil, at the time of fusion, at the end of 2020, was worth 3,000 million euros.
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