More consolidation is taking place in the Spanish cable market. The Basque Country-based Euskaltel is reportedly close to acquiring the regional cable network Telecable, based in Asturias, north of Spain, in a deal valued at €750 million.
Euskaltel is in advanced negotiations with the British group Zegona, owner of Telecable, to carry out the acquisition creating a big cable group in the north of Spain with operations in the Basque Country, Galicia and Asturias. This is the second consolidation move made by Euskaltel which in 2015 it acquired R company in Galicia.
With the acquisition of Telecable, Zegona would become a shareholder of Euskaltel (as the operation would be made partly through an exchange of shares and party in cash) where the Regional bank Kutxabank currently has the majority stakes of 25.85 per cent.