Uría Menéndez advises on the voluntary tender offer launched by Lorca Telecom over Masmovil

Uría Menéndez has advised on the EUR 3 billion voluntary tender offer launched by Lorca Telecom, S.A.U. ("BidCo") over the shares representing 100% of the share capital of Masmovil Ibercom, S.A. ("MM"). BidCo is ultimately controlled by Lorca Aggregator Limited, an SPV indirectly owned by funds, vehicles and accounts managed by Cinven, KKR and Providence, which have entered into a consortium agreement. 

The transaction included, among others, the signing of (i) a consortium agreement entered into by and among Cinven, KKR and Providence; and (ii) four irrevocable undertaking agreements for the submission of the offer by Bidco and its acceptance by the key shareholders of MM, representing 20.41% of its share capital.

Uría Menéndez advised the key shareholders of MM and Providence Equity Partners, one of the members of the consortium. The team advising the shareholders of MM (Onchena, S.L., Key Wolf, S.L. (José Eulalio Poza), Grupo Inveready (Josep María Echarri) and Estiriac XXI, S.L.) was headed by Gabriel Núñez and included associates Álvaro López and Manuel Suero from the capital markets team and partner David López and associate Nieves Sánchez Gil from the tax team. Separately, in charge of advising Providence Equity Partners were partners Javier Redonet and Christian Hoedl from the Capital Markets and M&A departments respectively, with the support of partners Pablo González-Espejo (M&A), Alfonso Ventoso (Capital Markets) and Alfonso Gutierréz (Competition and EU Law).