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Masmovil agreed to buy 100 per cent of Yoigo in a deal it said valued the Spanish mobile operator at [Euro] 612 million ($689 million), and outlined its plan to create a new fixed and mobile player on what is already a highly converged market.
The company, which beat UK-based Zegona in the battle to secure Yoigo, is buying the 76.6 per cent majority stake owned by Telia Company and the remaining shares from local minority shareholders ACS, FCC and Abengoa. Masmovil added that according to Telia's accounting principles, Yoigo has an enterprise value of [Euro] 625 million.
The move comes only a day after Zegona said it would continue to pursue an acquisition of Yoigo in spite of the uncertainty caused by the emergence of a rival bidder prepared to offer a higher price....