Spanish operator MasMovil is preparing to enter the Portuguese market. The company has reached an agreement to acquire a stake in the Portuguese operators Nowo and Oni from KKR for EUR 15 million, market sources told Spanish paper El Economista. The Portuguese competition regulator has already been notified of the transaction, the report said.
KKR invited investors earlier this year to take a stake in Cabonitel, the holding company for the Portuguese operators. It acquired the former Cabovisao last year from Apax, which bought the operator in 2015 from Altice. After rebranding to Nowo, the cable operator has expanded beyond its regional footprint through an OTT box and deal with Eleven Sports.
The deal with MasMovil gives KKR a strong industry partner to help grow Nowo and Oni. Masmovil is expected to replicate its disruptive business model used to drive growth in Spain. This will be the Spanish company's first expansion outside its home market, and is expected to be conducted through the Gaea Inversion vehicle set up with shareholder Inveready.
