The Spanish regulator CNMC has given the go-ahead to the first stage of MásMóvil’s acquisition of a 100% stake in Euskaltel.
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.
José Miguel Garcia, the CEO of Spain’s Euskaltel, has said that rumours that it is planning asset sales or alliances are without foundation.
Spain’s Euskaltel Group, which includes the Euskaltel, R, Telecable and Virgin telco brands, saw record customer growth in the third quarter.
The Spanish cable operator Euskaltel has further strengthened its board with two new `high-quality independent directors.
Zegona has announced a buyback programme of its ordinary shares in the Spanish cable operator Euskaltel for an aggregate purchase price of up to £10 million.
Spain’s Euskaltel has embarked on its national expansion plan. Employing the brand Virgin telco, it aims to eventually reach the 85% of the Spanish market it does not currently operate in.
The Spanish cable operator Euskaltel recorded a sixth consecutive quarter of growth in fixed line customers in the first three months of this year.
Spain’s Euskaltel Group, which comprises the Euskaltel, R and Telecable brands, gained 21,669 new TV subscribers in 2019.
The Spanish cable operator Euskaltel has signed a trademark licence agreement with Virgin Group to use the Virgin brand in Spain to drive its National Expansion strategy.