The president of Avatel joins forces with Inveready to buy the operator | Companies | EUROtoday

Víctor Rodríguez, president and one of many three founders of Avatel Telecom, has joined forces with the Inveready fund to buy 100% of the fifth operator within the telecommunications sector in Spain, as each entities have communicated to the National Markets Commission. and Competition (CNMC). Although the notification doesn’t point out the value, the valuation of 100% of the corporate is estimated at 500 million euros. Rodríguez, who till now owned 25% of the agency, will management round 60%, after buying, by the corporate Vaiia Kapital of which he’s the only real director, the mandatory stakes from his different two companions. The settlement additionally contemplates the entry as a minority associate of a bunch led by the Spanish fund Inveready, directed by the financier Josep María Echarri, and numerous funding corporations (household officies) which can take round 40%.

To do that, Rodríguez’s two companions will divest 75% of the capital they now management. This is Jorge Gómez Jiménez, vp of Avatel Telecom, which owns 50% by the corporate Drako; and José Ignacio Aguirre Álvarez, CEO of Avatel Telecom, who has 25%, by the corporate Retama Telecom. Together with Inveready additionally they take part within the operation household workplaces like Onchena, from the Basque Ybarra Careaga household; the previous president of Ibercom and vp of MásMóvil, José Eulalio Pozas, and the Domínguez de Gor household, proprietor of the Mayoral kids’s clothes chain.

With the notification of the operation, which passed off on November 22, the primary part of its examine begins, during which the CNMC has one month to make a ruling, since its authorization is required. If a extra in-depth evaluation is required, the acquisition would transfer to the second part, the length of which might vary between three and 4 months. This places an finish for the second to a sale course of during which a number of funds confirmed curiosity (PAI Partners, HIG Capital or SearchLight, amongst others) and it was even stated that it was on Telefónica’s thoughts. Once the operation is closed, Víctor Rodríguez might be appointed CEO of the group.

The operation confirmed final Friday was taken with no consideration for the reason that adjustments within the board of administrators had been leaked. The Official Bulletin of the Commercial Registry (Borme) on October 29 already reported the dismissal of Víctor Rodríguez, Jorge Gómez and José Ignacio Aguirre as administrators of Avant Telecom (the dad or mum firm of Avatel Telecom). In that very same Borme it was additionally introduced that the dad or mum firm of Avatel Telecom went from having a board of administrators to having joint directors.

Fifth telecommunications operator

Avatel is the fifth telecommunications operator, behind Movistar, Masorange, Vodafone, and Digi. It was based 13 years in the past as a small operator on the Costa del Sol (Málaga) however has turn out to be a bunch with a presence in virtually a big a part of the nationwide territory due to the acquisition of small regional operators. Thus, after establishing itself in Andalusia, the Valencian Community and Murcia, Avatel has expanded its footprint in new areas equivalent to Galicia, Extremadura and Aragon. In reality, in 2023 alone it acquired 25 new corporations with a complete funding of 85 million euros. And since 2017, the telecommunications firm has a complete of 155 built-in operators with an funding of round 650 million euros.

Regarding its monetary outcomes, Avatel closed 2023 with revenues of 316 million euros, 7.1% greater than in 2022. Its gross working outcome (Ebitda) remained secure at 91 million euros, whereas the Financial debt on the finish of the 2023 monetary yr was virtually 440 million euros, 6.5% lower than a yr earlier than. At the top of the primary half of the yr, it had 760,000 broadband prospects and about 670,000 cell phone prospects, in line with firm figures.

On the opposite hand, firstly of final June Avatel Telecom and the unions UGT, Fetico and CCOO, agreed on the circumstances of an employment regulation file (ERE) for organizational causes that finally affected 674 staff, virtually 36% of the workforce. that the corporate had in Spain (1,886 personnel), though the preliminary strategy proposed 849 departures. Specifically, the settlement for this collective dismissal was concluded with compensatory circumstances of 33 days per yr labored (35 for individuals who joined voluntarily) with a most of 24 month-to-month funds, to which was added a secondment bonus of 1,200 euros. .