Parlem and Avatel break negotiations and an integration is ruled out
The resignation comes after the Catalan's main shareholder made it known that he would not support the merger
BarcelonaFinally, there will be no integration between Parlem and Avatel. The Catalan telecom operator communicated this morning to the BME Growth that it has received a letter from the state-owned company in which the operation is irrevocably renounced. The decision, according to Avatel, would have been made after the "main shareholder" of Parlem expressed its "refusal to vote in favor of the operation on the terms proposed by Avatel".
Currently, the main shareholders of the Catalan company are Ona Capital, Global Portfolio Investments, and the company's founder, Ernest Pérez-Mas. Another major shareholder of the telecom operator is Inveready, also the owner of Avatel and the main guarantor – until now – of the integration. But according to sources familiar with the negotiation who explain to el ARA, Inveready currently holds a significant amount of convertible bonds that could give them more weight within the shareholding. The same sources, however, indicate that both Ona Capital and Global Portfolio Investments would have closed ranks with Parlem and would be prepared to buy their debt in case they decide to execute it.
Stalled negotiations
The negotiations between the parties were in a very advanced stage, but they have stalled. In fact, as ARA has learned, a board of directors meeting was scheduled for this Friday to make a final decision. Finally, a few hours before the decision was made, Avatel decided to interrupt the offer. The integration project foresaw Parlem consolidating Avatel's business in Catalonia, the Valencian Community, and the Balearic Islands, both its infrastructure and its customers. Inveready, for its part, would acquire 50.1% of the Catalan company.
However, part of the reason for the breakdown in talks is due to a disagreement over the valuation of the businesses, according to Expansión. Parlem's 2025 results were not as expected, and Avatel insisted on modifying the exchange operation, acquiring 60% of Parlem instead of 50.1%. Furthermore, during this Thursday, Parlem's shares plummeted 17% from the start of the day, reaching 1.94 euros per share on the BME by midday.
The news of the breakdown in talks comes in the midst of a due diligence process for the operation and just the day after the resignation of Parlem's CEO, Xavier Capellades, became known, and that Pérez-Mas, who was the chairman, would regain his executive functions.
