The Spanish cablenet Euskaltel has taken control of Zegona’s Telecable for €700 million.
The €686 million agreement includes €245 million in debt and secures the Basque company’s hold on cable communications in Northern Spain.
€186.5 million will be paid in cash and 26.8 million newly issues in ordinary shares that will represent 15 per cent of Euskaltel’s newly increased share capital.
There’s an additional contingency payment of €15 million.
Euskaltel purchased the Galician operator R in November 2015, while Vodafone is now the owner of Ono, and Orange Jazztel.