Maxcom Buyer Launches Tag-Along

Mexican private equity firm Ventura Capital Privado has launched a public tender for up to 56% of the shares of Maxcom, according to a prospectus, in a tag-along offer following its agreement to purchase the troubled Mexican telecom in December. The offer opened Monday and expires March 11. It will spend MXP2.90 ($0.23) per share on up to 250m CPO shares, and the equivalent price for each of up to 50m class A shares. It puts the total maximum cost at MXP764m. Banorte-Ixe is managing the process. As part of the deal agreed in December, Ventura will also buy a minimum of $22m in new shares through an equity capital raise, and Maxcom will hold a tender to exchange for its 11% 2014 bonds, of which there are $200m outstanding. The acquisition is contingent on successful tenders for both the shares and bonds. The CPO shares closed at MXP4.85 on Monday.