Vodafone Spain taps banks to work MásMóvil combination - report

Feb. 14, 2022 12:56 PM ETVodafone Group Public Limited Company (VOD), ORANTEF, KKR, VODPFBy: Jason Aycock, SA News Editor

Iconic Capitol Building in Callao Square in Gran Via in Madrid

JJFarquitectos/iStock Editorial via Getty Images

  • Vodafone Spain (VOD -1.1%) has hired UBS and Morgan Stanley to represent it in talks over a potential acquisition by MásMóvil, according to a Spanish news report.
  • The Spanish unit hired representation to deal with Goldman Sachs (which is representing MásMóvil), according to digital newspaper El Confidencial.
  • That comes as France's Orange (ORAN -0.1%) also ramps up talks for a Spanish combination with MásMóvil. Orange Spain is the country's second-largest player, while MásMóvil is fourth largest. MásMóvil is controlled by KKR, Cinven and Providence.
  • Competition between Vodafone Spain and Orange Spain is hot, as antitrust concerns likely block their own combination. If Orange pulls off the combination, it would leapfrog Vodafone and approach the size of Telefónica (TEF -0.1%).
  • Vodafone Spain tried unsuccessfully to combine with MásMóvil in summer 2019.
  • Any deal between Vodafone and MásMóvil is likely to exceed €6 billion.

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