Simpson Thacher represented Masmovil Ibercom, S.A.U. (“Masmovil”), a telecommunications operator owned by a consortium of Cinven, KKR and Providence, on its acquisition financing for the acquisition of Euskaltel, S.A. The acquisition financing included an €800 million term loan facility (increased by €200 million), an incremental €200 million revolving facility, €1.75 billion bridge facilities and a €500 million asset bridge facility, as well as 144A and Regulation S offerings of €1.55 billion in aggregate principal amount of 4% Senior Secured Notes due 2027 and €500 million in aggregate principal amount of 5.125% Senior Notes due 2029 to refinancing the bridge facilities. The transaction closed on October 13, 2021.
Founded in 1997, Masmovil is the fastest growing Western European telecommunications operator. Following the Euskaltel acquisition, Masmovil has reinforced its market position as the fourth largest telecommunications operator in Spain by combining two complementary businesses in terms of network infrastructure, geographical presence and strategic focus.
The Simpson Thacher team included Shahpur K. Kabraji, Jia Meng and Kristin Hoo (Credit); Gil Strauss, Surya Bala, William G. Taylor, Melchor Alvarez de Mon and Charles English (Capital Markets); Meredith B. Jones, Sarah Lane, Gal Shemer and Ellie Verran (Tax); and Jeanne M. Annarumma (ERISA).