9 April 2021 | 09:15am
StockMarketWire.com - On 8 April, Zegona Limited entered into a deal contingent forward purchase agreement with Barclays Bank to hedge the full proceeds from the expected sale of Euskaltel,
S.A.U., a wholly-owned subsidiary of MasMovil Ibercom, made an offer to purchase the Euskaltel for €11.17 per share in cash on 28 March 2021.
Under the terms of the contract, Zegona will receive £370 million in respect of the expected proceeds of €428 million if the offer is successfully completed.
At 9:15am: [LON:ZEG] Zegona Communications Plc share price was 0p at 111p
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Zegona was established in 2015 with the objective of investing in businesses in the European Telecommunications, Media and Technology sector and improving their performance to deliver attractive shareholder returns. Zegona is led by former Virgin Media executives Eamonn O Hare and Robert Samuelson.
Euskaltel S.A. ( Euskaltel ) is the leading converged telecommunications provider in the North of Spain and has recently expanded to offer services nationally. It provides high speed broadband, data rich mobile, advanced TV and fixed communications services to residential and business customers under the Euskaltel, R Cable, Telecable and Virgin telco brands. Euskaltel is a public company traded on the stock markets of Bilbao, Madrid, Barcelona and Valencia.
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