KKR Credit Advisors (US) LLC made an offer to acquire the remaining 70.6% stake in Telepizza Group, S.A. (BME:TPZ) from Axxion S.A. (SNSE:AXXION), Santander Asset Management, S.A., S.G.I.I.C., Formuepleje A/S, Fondsmæglerselskab, AllianceBernstein L.P. and others for approximately €420 million on December 20, 2018. Under the terms of the transaction, KKR Credit Advisors will pay a cash consideration of €6 per share. Effective June 19, 2019, offer per share is €4.7. Barclays provided financing for the deal. OPA is 100% guaranteed by banking guarantees from Banco Santander for €335 million and from Citibank for €96.7 million. Certain shareholders of Telepizza Group have irrevocably agreed to accept the offer. The transaction is subject to the offer is irrevocably accepted by shareholders holding, in aggregate, more than 90% of Telepizza Group's shares and obtains all mandatory antitrust authorizations. The effectiveness of the bid is conditional upon a minimum acceptance by shareholders representing 46.44% of Telepizza's capital so that KKR reaches a stake of 75% and upon Telepizza ceasing all its economic activities and business conducted in Iran and with Iranian counterparties. As of February 8, 2019, The National Securities Market Commission (CNMV) admitted the request for authorization from KKR for a voluntary public offer to acquire Telepizza Group, S.A. As of March 8, 2019, the transaction has been approved by the European Commission. As on March 28, 2019, CNMV approved of the transaction. The transaction has been unanimously approved by the Board of Directors of Telepizza Group in sessions held on April 8, 2019 and April 9, 2019. The shareholders of Telepizza Group are the ones to give a green light for the transaction. The acceptance period of the offer has been extended until April 30, 2019. As of April 23, 2019, the minimum acceptance threshold has been lowered to 50.1%. As of May 8, 2019, the minimum acceptance condition has been waived off and the buyer will acquire all the shares that have been tendered in acceptance of the offer representing 27.73% of capital of Telepizza. As of June 17, 2019, shareholders of Telepizza approved the transaction to delist Telepizza from Spanish Stock Exchange. The transaction is subject to obtaining favourable resolution from Spanish Regulator. Citigroup Inc. acted as the financial advisors to KKR Credit. Barclays acted as financial advisor in the offer. Allen & Overy acted as legal advisor to financial institutions. Manuel Echenique, Gabriel Núñez, Carlos de Cárdenas, Enrique Nieto, Enrique de Pablos, Marta López, Marta Giner, Gorka Atutxa and Ana Hidalgo of Uría Menéndez acted as legal advisor to KKR while Baker McKenzie acted as legal advisor to Telepizza. Aprajita Dhundia, Gavin Gordon, Eva Lee, Dinush Wickremanayake, Laura Lee Timko, Jamie Gordon, Dulcie Sawle Daly, Evgeny Zborovsky, Lloyd Jones, Mark Ingram, Matthew Merkle, Morgan Hill and Samuel Norris of Kirkland & Ellis LLP acted as legal advisor to KKR Credit Advisors (US) LLC. Merrill Lynch, Pierce, Fenner & Smith Incorporated acted as financial advisor for Telepizza. Nicholas J. Shaw, Gil J. Strauss, Carol Daniel, Srishti Gupta, John Loubriel, Sinead O’Shea, Shahpur Kabraji, Katie Geraghty, Andrew Paisley, Meredith Jones, William Smolinski and Kelli Rivers of Simpson Thacher & Bartlett acted as legal advisors to Citigroup, Barclays, Mizuho and Banco Santander. Ignacio Gómez-Sancha of Latham & Watkins acted as a legal advisor to KKR Credit Advisors (US) LLC.