The takeover bid for MásMóvil announced this Monday by the KKR, Cinven and Providence funds – which already has 9% in the operator – has a clear winner: the Basque family of Ybarra Careaga. Owners of 13.2% of the capital at the end of 2019, first shareholders of the company, the historic Neguri family has encrypted capital gains of 330 million euros that you will get with the sale of your stake at 22.5 euros per share.

That means that of the 400 million that 13.2% of the operator is worth, specifically 17,496,962 shares, capital gains represent five times the capital invested, the remaining 70 million euros. At the price of the takeover bid, the value of these shares is 393.68 million euros, 66 million more than it was worth at the close of Friday past.

As announced by the family in a statement on Monday afternoon, and according to the announcement of the takeover bid sent to the CNMV first thing in the morning by the buyers, the Ybarra -through its investor arm, Onchena– they have promised to stay in the company with 5% of the capital, for which they will invest 110 million euros, according to his calculations.

«Onchena’s permanence in MásMovil’s capital is consistent with the criteria that led us to invest in the company in 2013. The new shareholders, like us then, are also committed to supporting the growth of the operator, increasing its size and making it more efficient. For this reason, we will continue with the new shareholders in the coming years “, he assured Álvaro Ybarra, president of the investment firm.

The Ybarra family will dedicate the rest of the capital gains to enter «in new business projects in Spain«. They are also shareholders of Grupo Vocento -owner of ‘ABC’ and ‘El Correo’, among other regional newspapers-, where they have just over 5%, and Solarpack, a company they control 6.5% of. In addition, they have almost 6% of Prim S.A, a sanitary provider, 5.5% of Reig Jofre and just over 50% of the Nicolás Correa industrial group.

Together with the Ybarra Careaga family, represented on the MásMóvil board by Carmen Ybarra, the firm’s former executive and director José Eulalio Poza It has also agreed to remain in the firm with another 5% of the capital, practically the same participation that it has now through the Key Wolf company – at the end of December, 5.03% -. He has also decided to sell Josep María Echarri, from Inveready, which has 2.09%. The three, which account for 20.48% of the company, had a subscribed one parasocial pact.


In this parasocial agreement, the other large shareholder of the firm was not in exchange: Rafael Domínguez, owner of the Malaga children’s fashion chain Mayoral. Domínguez had 8.01% of MásMóvil at the end of 2019 and, according to the takeover notice sent by the buyers to the CNMV, has decided for the moment don’t sell your titles to foreign funds at 22.5 euros.

In addition, Domínguez has been the advisor who has bought the most titles from the company during the fall in the stock generated by the coronavirus crisis, which in March and April punished all national and international markets.

According to CNMV records, the owner of Mayoral has acquired 320,000 titles from MásMóvil, 0.24% of capital, between March 25 and April 2. Acquisition prices range between 13.72 and 14.53 euros. The average cost is about 4.5 million of euros. Those actions are worth takeover price a total of 7.2 million of euros.

They may be worth more if there is a counter-match. Another fund, CVC, would be studying this possibility, as ha Expansión ’has published. In the agreement to sell the Ybarra shares and the rest of the shareholders who have promised to sell, it is warned that they will be released from that obligation if there is a new offer at a price higher than 26 euros.


At the moment, MásMóvil closed this Monday above the price of the takeover bid of KKR, Cinvem and Providence. The operator has appreciated by 23.8% and stood at 23.18 euros per share. Last Friday it stood at the end of the week at 18.72 euros per share.

The next step will be for the government to give the green light to the sale operation and for the prospectus to be registered for analysis by the CNMV. If it is accepted by all the organizations, the council will have to pronounce itself – the OPA already has its support – and the period of adherence to the offer for minority and institutional shareholders will begin.