Spanish regional cable operator Euskaltel’s shareholders are expected to give a green light to the company’s acquisition of Zegona Communications-owned Telecable today, along with a capital increase and the expansion of the company’s board from 10 to 12 members.
The new board will include Robert Samuelson as representative of Zegona, which will hold a 15% stake in the combined company, and former Virgin Media and Com Hem executive Jon James as an independent.
Euskaltel has separately committed to regulator the CNMC to maintain its local character as a Basque Country service provider, along with that of Telecable, the cable network on the Asturias region. Local brands, teams and operations will remain in place.
Alfonso Basagoiti will be replaced on the board by Luis Ramón Arrieta as representative of the operator’s main shareholder Kutxabank. After the acquisition of Telecable is complete, the Basque bank will remain the main shareholder, but its stake will be diluted to 21.3%, under the 25% threshold that currently gives it veto power over strategic decisions.
ICYMI: Telefónica to launch Movistar+ voice remote digitaltveurope.com/2020/02/19/tel… https://t.co/DR2lOQEuTU
19th February 2020
ICYMI: Mediaset gives itself extra time after Spanish court rejects merger appeal digitaltveurope.com/2020/02/19/med…
19th February 2020
ICYMI: Deutsche Telekom sees #TV numbers grow in ‘most successful year’ ever digitaltveurope.com/2020/02/19/deu… https://t.co/1KXU7oja54
19th February 2020
Haystack TV to be prominently placed in Vidaa OS through Hisense distribution deal digitaltveurope.com/2020/02/19/hay… https://t.co/2HwrAwZt3w
19th February 2020
BBC Scotland director Donalda MacKinnon announces retirement digitaltveurope.com/2020/02/18/don… https://t.co/IoWx4sFjhY
19th February 2020
