French private equity firm PAI Partners and Spanish investment firm Inveready have collaborated on a bid for Avatel, Spain’s fifth-largest telecoms company, according to a report by Expansion, citing unidentified market sources.
While other bidders are also vying for Avatel, which is valued at approximately €550m ($592.41m), the PAI Partners and Inveready alliance is reportedly closest to finalising a deal, which could be signed by the end of this month.
Avatel, ranking as the fifth largest telecom operator in Spain by sales, has built a national telecom network by acquiring over 100 small regional operators.
