UK’s Zegona takes control of Euskaltel

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After months of speculation, UK Telecommunications, Media and Technology investor Zegona has taken control of Spanish telco Euskaltel with a stake of 21 per cent, up from its initial 16.41 per cent shares.

With the move, Zegona has become the prime shareholder, overtaking savings bank Kutxabank which has a 19.88 per cent stake.

The UK group has been acquiring shares at a price of €8 each with plans to own 29.9 per cent of the telco following an approved capital enlargement of around €115 million.

Zegona plans to restructure the management team of Euskaltel and take a seat on the board of directors and pave the way for the national expansion using the Virgin brand. Zegona intends to appoint José Miguel García, former CEO of Jazztel, as the new CEO of Euskaltel.


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