UK investment fund Zegona bid more than €500 million for a 77 percent stake in Spanish mobile operator Yoigo owned by TeliaSonera, Expansion reported.
The bid is said to be between €60 million and €65 million more than one made by local firm MasMovil.
The companies made their offers after an invitation by TeliaSonera which wants to sell its controlling stake in Yoigo, the country’s fourth operator.
Zegona was “established to acquire and operate businesses in the European telecommunications, media and technology sector”, starting with Spanish cable operator Telecable for €640 million last year.
Acquiring Yoigo would enable Zegona to pursue a quadplay strategy in Spain.
However, others have tried, and failed, to close an acquisition of Yoigo over the past few years. For instance, in June 2015 it was reported Virgin Group was interested in buying the operator. And numerous other suitors have studied Yoigo in the past but passed up the opportunity, not least because of differences about valuation with TeliaSonera.
Telia Sonera gave up plans to sell Yoigo two years ago, when bids failed to meet expectations.
Since then, Spain Vodafone, a potential buyer for Yoigo, acquired Ono while Orange took over Jazztel, both moves to pursue a converged strategy.
According to a report from last week, TeliaSonera is in a hurry to part with the unit and is expected to make a decision by the end of the month, so it can be announced during the general meeting on 12 April, and formalised before the summer.