Telecommunications Service Providers | Oviedo, Spain | Corporate Acquisition
Spain's Euskaltel (MCE: EKTL) has agreed to acquire Telecable, a telecom subsidiary of Zegona Communications (LON: ZEG), for €701 million. The deal would further consolidate Euskaltel's position in the telecom market of northern Spain's Basque region. The offer represents a 41% premium to Zegona’s share price on Tuesday. Zegona acquired Telecable in 2015. Zegona's shares closed up 9% in London on Tuesday, with Euskaltel adding 5% in Madrid.