M&A Deal Summary

Cinven, KKR and Providence Equity Partners Acquire Masmovil

On November 17, 2020, private equity firms Cinven, KKR and Providence Equity Partners acquired communications company Masmovil for 5.3B EUR

Acquisition Highlights
  • This is Cinven’s 5th, KKR’s 12th and Providence Equity Partners’ 19th transaction in the Communications sector.
  • This is Cinven’s , KKR’s 18th and Providence Equity Partners’ 5th largest (disclosed) transaction.
  • This is Cinven’s 11th, KKR’s 14th and Providence Equity Partners’ 4th transaction in Spain.

M&A Deal Summary

Date 2020-11-17
Target Masmovil
Sector Communications
Buyer(s) Cinven
KKR
Providence Equity Partners
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 5.3B EUR

Target

Masmovil

Madrid, Spain
Masmovil is a telecommunications operator. It provides triple-play fixed-line, mobile, and internet services to residential customers, businesses, and operators through a number of brands including Yoigo, MASMOVIL, Pepephone, Llamaya, Lebara, Lycamobile, and Hits mobile. Masmovil was founded in 2006 and is based in Madrid, Spain.

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Buyer(S) 3

Buyer

Cinven

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1977
PE ASSETS 39.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Cinven is a private equity firm focused on buyout investments in growing, profitable businesses located throughout Europe and North America. Sectors of interest include business and financial services, healthcare, industrial, retail, leisure, consumer, technology, media, and telecommunications. Cinven looks to invest a minimum of €200 million in companies with minimum enterprise values of €400 million. Cinven does not invest in start-ups or development phase companies. Cinven was established in 1977 and is headquartered in London.


DEAL STATS #
Overall 166 of 184
Sector (Communications) 5 of 5
Type (Buyout (LBO, MBO, MBI)) 75 of 77
Country (Spain) 11 of 14
Year (2020) 3 of 4
Size (of disclosed) 1 of 62
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-09 Miller

London, United Kingdom

Miller is a provider of insurance and reinsurance solutions for customers. Miller operates across a number of specialist areas, including marine, energy, credit, and political risks, delegated authorities, professional risks, property, casualty, sports and entertainment, and (re)insurance. Miller was founded in 1902 and is based in London, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-30 Compre

Hamilton, Bermuda

Compre is a global consolidator of closed books of non-life insurance policies. Compre is focused on the acquisition and management of discontinued (also known as ‘run-off’) non-life insurance portfolios and has operations in the UK, Bermuda, Finland, Germany, Malta, and Switzerland. Compre was founded in 1991 and is based in Hamilton, Bermuda.

Buy -
Buyer

KKR

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1976
PE ASSETS 510.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

KKR is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into several business segments including private markets, public markets, capital markets, and other principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will invest in a broad range of industries and companies and will consider businesses throughout North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976 and is based in New York, New York.


DEAL STATS #
Overall 368 of 483
Sector (Communications) 12 of 20
Type (Buyout (LBO, MBO, MBI)) 52 of 66
Country (Spain) 14 of 16
Year (2020) 40 of 41
Size (of disclosed) 18 of 104
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-17 Zeus

Menlo Park, California, United States

Zeus is a platform focused on investing in and operating a portfolio of emerging medical device companies. Zeus was established in 2020 and is based in Menlo Park, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-18 Argenta Global

Auckland, New Zealand

Argenta Global is an animal health-focused pharma services platform. Argenta is a fully integrated contract research organization (CRO) and contract manufacturing organization (CMO) specialized in animal health. Argenta Global was founded in 2006 and is based in Auckland, New Zealand.

Buy -
Buyer

Providence Equity Partners

Providence, Rhode Island, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 36.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Providence Equity Partners is a specialist private equity firm that targets investments in media, entertainment, communications, and information companies. Specifically, Providence seeks investments in wireless and wireline telephony, cable television content and distribution, music, film, publishing, radio and television broadcasting, and other media and communications sectors. Providence Equity looks to commit $150 million to $800 million of equity capital in transactions ranging from growth financings and recapitalizations, to buyouts and take-privates. Providence Equity Partners was formed in 1989 and has offices in Providence, Rhode Island; New York, New York; Los Angeles, California; London, United Kingdom; Hong Kong, China; and New Delhi, India.


DEAL STATS #
Overall 118 of 135
Sector (Communications) 19 of 20
Type (Buyout (LBO, MBO, MBI)) 22 of 23
Country (Spain) 4 of 5
Year (2020) 3 of 4
Size (of disclosed) 5 of 34
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-27 Topgolf

Dallas, Texas, United States

Topgolf is a global sports entertainment company offering competitive golfing games for all ages and skill levels and advanced technology to track the accuracy and distance of players shots. Topgolf was founded in 2000 and is based in Dallas, Texas.

Sell $2.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-16 Groupe La Centrale

Paris, France

Groupe La Centrale engages in auto, motorcycle, and boat content in the field of classified advertising and editorial. Groupe La Centrale is comprised of four brands through which it covers the entire lifecycle of a vehicle: La Centrale, Promoneuve, Caradisiac, and MaVoitureCash. Groupe La Centrale was founded in 1969 and is based in Paris, France.

Buy -