Andorra Telecom sold a 1.8% stake in the Spanish operator MásMóvil for 16.2 million euros
The profit of Andorra Telecom from the sale of a 1.8% stake in the Spanish operator MásMóvil amounted to 16.2 million euros. At the time of sale, the price was fixed at 64 euros per share, which is 229% higher than the price at the date of acquisition.
In July 2016, Andorra Telecom acquired a 2.7 percent stake in MásMóvil for EUR 10.5 million.
The main purpose of selling part of the stake is to invest in the construction of a new office building of the company “Cloud”.
The purchase of MásMóvil shares was one of the actions undertaken as part of the company’s expansion strategy in new markets.
Currently, Andorra Telecom owns 0.89% of the authorized capital of MásMóvil, the stake is valued at more than 11 million euros.