NS Servicios Especializados de Comunicación, a company controlled by Gala Capital, has completed an accelerated placement of 5,147,025 MásMóvil shares, representing approximately 3.91% of the operator’s share capital. The sale was carried out through Banco Santander and directed at qualified investors.
The transaction closed at a price of €22.09 per share, which represents a 1.8% discount compared to MásMóvil’s closing price on the stock exchange of €23.5. Thus, the total volume of the transaction reached €114 million.
In a material event notice to the CNMV, NS Servicios Especializados stated that the placement was conducted through an accelerated bookbuilding process and that after the sale, it no longer held any equity stake in the company.
The sale took place at a favorable time for MásMóvil, whose shares have risen 21% since the beginning of the year and have accumulated a 45% increase since mid-August, when they reached their annual low.
Gala Capital was one of the original investors in MásMóvil, having acquired a 10% stake in May 2015 through the purchase of 100% of Neo Sky’s capital—a former telecommunications subsidiary of Iberdrola—in a deal valued at around €27 million. At that time, the shares traded at around €4.5.
In 2018, MásMóvil bought Neutra Network Services from Gala Capital for approximately €15.5 million. The company held a spectrum concession in the 3.4 to 3.6 GHz band.
Recently, Gala Capital has renamed its management company to Beka Asset Management following the acquisition of this investment firm.
