New Street Research - Masmovil Ibercom SA (MAS) New Street: MASMOVIL (Buy) - offer from PE undervalues the equity; Hold on for more

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New Street Research

Soomit Datta

New Street: MASMOVIL (Buy) - offer from PE undervalues the equity; Hold on for more

Masmovil has confirmed it has received a cash offer from a consortium of PE: Cinven, Providence (the second-largest shareholder in Masmovil itself, with a 9% stake) and KKR. The offer price at EUR22.5/share compares to the Friday close of EUR18.7/share.

01/06/2020 2 EN

Underlying

Masmovil Ibercom SA

Masmovil Ibercom SA, formerly World Wide Web Ibercom SA, is a Spain-based company primarily engaged in the telecommunication sector. The Company focuses on the sale and distribution services for Internet, Data Center and Telecommunications. The Company's product and services portfolio comprises Internet access through Asymmetric Digital Subscriber Line (ADSL) and Symmetric Digital Subscriber Line (SDSL) technologies, Internet domains and Domains Management and Registration Service through IberDNS application, Web hosting, virtual servers, dedicated servers, telephony services and routers. The Company also offers collocation services through two Internet Data Centers located in Madrid and San Sebastian. It operates through subsidiaries, such as Embou Nuevas Tecnologias SL and Ebesis Sistemas SL, among others. The Company owns a number of brand names, such as Pepephone, Yoigo and Llamaya.

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ES0184696013 Spain

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Analysts

Soomit Datta

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New Street: MASMOVIL (Buy) - offer from PE undervalues the equity; Hold on for more

Orange Masmovil approval: A good outcome. A compliant EC? More M&A to come

Remedy package signed in Spain: Not as bad as the headline would suggest

Masmovil Q3 23: Interesting updates given on timing and remedies for Orange merger

Microsoft vs. OpenAI: Implications for investors?

SATS, Carr, and the Art of the No Deal…Yet

Supreme Court Upholds USF Framework but Reform Still Ahead

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