UFINET Telecom: A New Change in Ownership (B)

This case recounts the sale of the telecommunications company UFINET in 2018, which divided the business into two companies: one for the Spanish market (Lyntia Networks) and another for Latin America (Ufinet International). Even though the investment fund Cinven remains the majority owner of Ufinet International, it joined another shareholder, Enel, an Italian gas and energy multinational, which had the option of acquiring Ufinet International in its entirety in 2021. With four different owners since it was founded in the late 1990s, in each of the changes in ownership the management team at UFINET had remained the same, adapted to the new realities, and learned from each of the different stages.

Collection: IESE (España)
Ref: SM-1680-E
Format: PDF
Number of pages: 5
Publication Date: Aug 29, 2019
Language: English, Spanish

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Description

This case recounts the sale of the telecommunications company UFINET in 2018, which divided the business into two companies: one for the Spanish market (Lyntia Networks) and another for Latin America (Ufinet International). Even though the investment fund Cinven remains the majority owner of Ufinet International, it joined another shareholder, Enel, an Italian gas and energy multinational, which had the option of acquiring Ufinet International in its entirety in 2021. With four different owners since it was founded in the late 1990s, in each of the changes in ownership the management team at UFINET had remained the same, adapted to the new realities, and learned from each of the different stages.
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Geographic Setting: España

Learning Objective

This case inquires into the relationship between the owners and the general management based on the conditions for retaining this management regardless of changes in ownership; these conditions are related to the capacity to adapt to the new policies of each owner. It also explores the role of the board of directors and the relationship between the executive chair and the CEO, as well as the expanded responsibilities of general management regarding long-term continuity. Finally, the division of the company into two halves is worth studying, as it may assist in its adaptation to the realities of the Spanish and Latin American markets.

UFINET Telecom: A New Change in Ownership (B)

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"UFINET Telecom: A New Change in Ownership (B)"