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Masmovil reportedly makes the highest offer, but U.K. investment fund Zegona has already lined up banks.
The race for Yoigo is entering the final stages, with two suitors, Masmovil and Zegona, both still in the running.
Sources cited by Expansion on Monday claimed that U.K. investment fund Zegona has told Yoigo’s parent, Sweden-based Telia, that it will walk away unless a deal is agreed in the coming days.
Telia is reportedly weighing two offers. Spain’s self-styled fourth national operator Masmovil is said to have offered €700 million for 100% of Yoigo’s debt and equity. However, there are questions over how the takeover would be funded, particularly given Masmovil recently agreed to acquire MVNO Pepephone for €158 million.
Zegona meanwhile has reportedly made a lower offer of €550 million. However, according to Expansion’s sources, Zegona has already lined up Goldman Sachs to underwrite the offer, and has secured financing from several banks, including Santander, Societe Generale, and CaixaBank, among others.
Telia is keen to give Masmovil time to guarantee that its offer is fully funded; however, it is also aware that Zegona is running out of patience.
