Zegona has entered into a deal contingent forward purchase agreement with Barclays Bank to hedge the full amount it expects to receive following the sale of 100% of the Spanish cable operator Euskaltel to a wholly owned subsidiary of MasMovil Ibercom.
Zegona says that under the terms of the contract it will receive £370 million in respect of the expected proceeds of €428 million if the offer is successfully completed.
As previously reported by Broadband TV News, last month MasMovil made a cash offer of €11.17 a share to buy 100% of Euskaltel.