LONDON May 16 Spain's Euskaltel said
on Tuesday it had bought Telecable from Britain's Zegona
for 701 million euros ($771.73 million) to create northern
Spain's leading integrated telecoms operator.
Zegona, set up to invest in European technology, media and
telecoms companies, bought Telecable in 2015. As part of the
sale it will get a 15 percent stake in the combined entity and
have one board seat.
"When we acquired Telecable in 2015, we identified the
opportunity for substantial value creation
through the combination of the three independent northern
Spanish cable (companies)," said Eamonn O'Hare, Zegona's
chairman and CEO.
($1 = 0.9083 euros)
(Reporting by Kate Holton; editing by Jason Neely)