Apax and Trilantic bids for Euskaltel stall
The bids made by private equity firms Apax Partners and Trilantic for Basque telecommunications operator Euskaltel have been blocked until the results of the Basque Country elections are known, according to reports in the Spanish press.
The elections will be held in late October and could result in a victory for either Partido Nacionalista Vasco or nationalist coalition Bildu, which could change negotiation terms since the local government owns 7.5% of Euskaltel.
Private equity firms were reported to be circling the firm in July this year, shortly after the Spanish courts ordered Euskaltel to pay Orange España €222m in damages following a dispute regarding a joint venture. The company was thought to be seeking private equity investment to help with repayments.
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