MásMóvil Ibercom, S.A. (BME:MAS) agreed to acquire Lycamobile Spain from Lycamobile UK Limited for approximately €370 million on February 28, 2020. The consideration is subject to customary working capital adjustments which will take place at closing and will paid on a debt free transaction basis. The payment will be spread in three installments of €307 million to take place at closing, €30 million in six months after closing and a final payment of €35 million twelve months after closing. The transaction is expected to be funded by bank debt that has been committed by two leading international financial institutions. Masmovil has also opted to retain the Lycamobile brand in Spain for the long term. Lyca generated in 2019 revenues of approximately €132 million and EBITDA of approximately €45 million. The deal is subject to the authorization of antitrust authorities (CNMC). The transaction has been approved by National Commission of Markets and Competition. The transaction is expected to close in the second quarter of 2020. Howard Corney, Tim Wickenden, Robert Grant and Anne Todd of Macfarlanes LLP and Cuatrecasas acted as legal advisor to Lycamobile on English and Spanish law respectively. Alejandro Alberte and Julio Lujambio of Pérez-Llorca Abogados, S.L.P. y CÍA, S.Com.P. acted as legal advisor to MásMóvil Ibercom. BNP Paribas España S.A. acted as a financial advisor to MásMóvil Ibercom. Ernst & Young, S.L. acted as legal and tax advisor and EY Spain provided labour and compliance due diligence to MásMóvil Ibercom. BofA Securities, Inc. acted as financial advisor to MásMóvil Ibercom, S.A.