MADRID (Reuters) - A bid by a trio of private equity funds to buy MasMovil (MC:MASM) has been accepted by holders of more than half the Spanish telecoms group's shares, meeting a key criterion to allow them to go ahead and take the firm private, a bourse filing showed on Thursday.
U.S. funds KKR (N:KKR), Providence and Cinven offered 3 billion euros (2.77 billion pounds) for the firm in what looks set to be the first major European leveraged buyout since the COVID-19 crisis roiled global markets.
The bidders said the minimum threshold will be met as long as there are no last-minute retractions before Sept. 11, the deadline to accept or reject the offer.