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Másmovil steps in after Zegona fails to submit Yoigo bid

Zegona Communications, owner of Spanish regional cable operator Telecable, has failed to meet the deadline to table a bid for mobile operator Yoigo, according to local reports, leaving the field free for rival bidder Másmovil to submit an offer.

Zegona and Yoigo’s majority owner TeliaSonera had been in exclusive negotiations, with the UK-based cable and telecom investor offering €630 million for the 75% stake.

However, according to El Confidencial, Zegona failed to secure sufficient funding for its bid, leaving the field open for Másmovil, which had failed to match the figure demanded by the Nordic operator, to submit a binding offer of €550 million.

TeliaSonera must now decide whether to accept the lower offer or give Zegona more time to fund its bid.