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Euskaltel names new board as shareholders meet to OK Telecable acquisition

EuskaltelSpanish 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.