Zegona raises €114m to buy more of Euskaltel
February 8, 2019
From David Del Valle in Madrid
UK telecom investor Zegona Communications has approved a capital enlargement of €114 million with the intention to purchase more shares in Spanish cable operator Euskaltel on the open market.
With the capital and a further €33 million in debt Zegona, who already has a 15 per cent stake, plans to acquire an additional 12.5 per cent to take over the company. Currently, the major shareholder is the savings bank Kutxabank with a 20 per cent stake.
Earlier this week, Orange declared it was out of the running for Euskaltel, and this has paved the way for Zegona to take control the operator – which seems destined to become the fifth largest telco in the country.