In a summary, Euskaltel’s main shareholder says that the highlights include integrating three operating companies into one business; improving the customer proposition; and expanding nationally.
A new organisational structure is already in place, with key hires on board and a 25% reduction in the senior executive team. A new mobile offer has also been launched and product offerings across Euskaltel’s three brands are being harmonised for the first time. Euskaltel is now also well placed to compete in the 85% of Spanish households where it currently dos not compete.
Eamonn O’Hare, CEO of Zegona, said: “With José Miguel now running the Euskaltel business and our greater influence on the board, we are confident the company’s new direction will drive value for Zegona shareholders. In addition, I have no doubt our investors will benefit from incremental gains as the market reflects on Zegona’s recent positive broker coverage and addresses the almost 30% upside to our look-through value”.