Telecom companies Masmovil and Ibercom are set to merge together to form Spain’s third largest firm in the sector.
Bosses of both companies are confident the move – involving cash and share exchange – will be approved at the shareholder’s AGM. Only Telefonica and Jazztel would be bigger.
Masmovil Ibercom will also become the third largest Alternative Investment Market firm in Spain behind Gowex and Carbures.
This collaboration comes after Vodafone announced it has taken over cable company ONO for 7.2 billion, suggesting a major restructuring of the Spanish telecommunications market is on the horizon.
A Masmovil spokesman said the joint firm aims to appeal to the ‘residential and business’ market with ‘landline and mobile solutions’.