Andorra Telecom sells its shares in Avatel Telecom with capital gains of 16 million euros
The transaction, with the other partner of the Spanish company acting as buyer, was finalised this Thursday in Madrid for a total of 32 million euros
Andorra Telecom acquired 37% of the shares in Avatel & Wikiker Telecom, a company with a very strong market position in the Costa del Sol (Malaga), the Costa Blanca (Alicante) and Campo de Gibraltar in November 2017, for the sum of 16 million euros.
The company, whose headquarters is in Malaga, has seen significant growth over the last two years thanks to the acquisition of various local operators, such as Flexicable or TV Horadada. These transactions have not only allowed the company to exponentially increase its client base , which in this period has gone from 22,000 to 100,000, but also to expand into other Spanish provinces.
Minister Jordi Torras has highlighted the fact that Avant´s offer to recover 100% of the shares meant that Andorra Telecom had the opportunity to obtain "significant capital gains, by doubling in only two years the capital initially invested".
Jordi Nadal also made a statement to this effect, reiterating that the purchase of Avatel´s stock formed part of Andorra Telecom´s diversification project, following the passing of the law in 2014 whereby the operator became a limited company, thus opening the door to the internationalisation of its activities. Other milestones in the new business policy are the creation of the Espic contact centre in 2016, and the acquisition in 2016 and subsequent sale in 2017 of shares in the Spanish operator Másmóvil.