(Bloomberg) -- Three buyout funds offered to acquire Spanish carrier Masmovil Ibercom SA, in one of the largest private equity deals since the global coronavirus pandemic started in March.

KKR & Co., Cinven Ltd. and Providence Equity Partners LLC offered 22.5 euros a share for the company, according to a statement on Monday.

The offer is 20% above Masmovil’s closing share price of 18.72 euros on Friday. It currently has a market value of about 2.5 billion euros ($2.8 billion).

Masmovil has disrupted the Spanish phone and internet market since becoming the country’s fourth national mobile carrier in 2016 with the acquisition of the local assets of Telia AB. It’s gained market share by putting pressure on bigger rivals with cheap, no-frills services.

The company has also fueled its growth through a combination of acquiring smaller rivals to expand its portfolio while also building its own fiber network. Masmovil has also relied heavily on wholesale deals with Orange SA to use its networks in those areas where its own presence is weak.

Providence is the second-largest shareholder in Masmovil itself, with a 9.2% stake.

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