N+1 in talks to buy Corporación IBV

It is believed that negotiations began several weeks ago between the private equity firm run by Santiago Eguidazu and the holding owned by Iberdrola and BBVA.

IBV has reported profits of more than €900m for the past two years, driven by the sale of its wind farm builder Gamesa. It has four main firms in its portfolio, of which the most important is Vinzeo, a mobile phone distributor that achieved sales in excess of €950m following its merger with the Te Abla chain. The other three companies are Rymsa, Teltronic and GH Electrotermia.

The corporation also holds shares in private equity funds such as Talde (5%), MCC Desarrollo (6.25%), TEC Plus III (29.9%) and GTI Capital (11.62%), as well as internet firms like Segurbroker and Antevenio, and Autocoa (91.68%), which invests in automotion.

BBVA has denied that it is considering a sale to N+1, whose investments thus far include Bodybell, which has shown strong signs of underperformance over the past few years, and Mivisa, which it bought in conjunction with Blackstone for €900m.

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• Southern Europe
• Direct secondary