SPAIN - Permira secures Telepizza in EUR 850m deal

Angelica Mari
22 September 2006

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The five-month battle for Spanish pizza delivery chain Telepizza has come to an end with the winning bid of EUR 3.21 per share from Foodco Pastries and Medimosal, companies jointly owned by Permira and Telepizza founding family Ballve's investment vehicle Carbal.

It is understood that the deal is worth EUR 850m and that the winners offered over EUR 120m more than its bid rival, CVC-backed Spanish restaurant operator Zena.

Other unsuccessful bidders include Spanish firm Inveralia and Portuguese restaurant group Ibersol, which had offered EUR 2.25 per share at the beginning of the process, valuing Telepizza at EUR 597m. The Spanish monopolies commission (CNMV) rejected the offer on the grounds that it was less than that already offered by Grupo Zena.

In a statement, the CNMV declared that the Permira-Ballve vehicles now hold 86.2% of Telepizza, including the stake already owned by Carbal. This places the winners above the 49% minimum acceptance level on which the bid was conditioned.