US-based Trilantic Capital Partners has reportedly submitted the only binding offer for cableco Euskaltel, which operates in Spain’s autonomous Basque Country.
The private equity firm has offered to acquire a 33- 45% stake in the company, according to…
US-based Trilantic Capital Partners has reportedly submitted the only binding offer for cableco Euskaltel, which operates in Spain’s autonomous Basque Country.
The private equity firm has offered to acquire a 33- 45% stake in the company, according to an unsourced report in Spanish newspaper Expansion. Euskaltel may be worth between €600m and €700m – significantly less than an earlier valuation of €1bn, the paper stated.
According to the report, the deal is conditional upon Euskaltel reaching an agreement with banks to refinance a bridge loan granted to its largest shareholder, Basque banking group Kutxabank, set to mature within weeks.
Private equity firms Apax, Carlyle and CVC are no longer interested in bidding, according to the report.
Kutxabank has reportedly mandated Citibank to advise it on the sale of shares in the cableco.
Euskaltel and Trilantic were not immediately available for comment.
Euskaltel provides broadband, fixed-line telephone and digital TV services in Basque, as well as mobile services through an MVNO.
