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The annual general meeting of <a href=”http://www.euskaltel.com/CanalOnline/particulares/” target=”_blank”>Euskaltel</a> shareholders has approved the purchase of the Asturian company Telecable from British investor fund Zegona Communications PLC, which will become the second largest shareholder in the company. The acquisition of Telecable is in addition to that of the Galician operator R and converts Euskaltel into the leading cable operator in Northern Spain, with more than 700 million euros annual billing.
Euskaltel will pay Zegona 186.5 million euros in cash and the rest in 26.8 million newly issued ordinary shares in the Basque telephone operator, that will be subscribed by Zegona at a price of 9.5 euros per share.