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Zegona buys Spain's Telecable for 640 mln euros

Reuters - UK Focus

LONDON, July 27 (Reuters) - Zegona, the company set up by the former Virgin Media finance director Eamonn O'Hare, said on Monday it had bought Spanish cable operator Telecable for an enterprise value of 640 million euros ($706.24 million).

The deal puts the newly-listed company at the centre of a wider consolidation move in the Spanish cable sector.

Zegona, set up to buy and run businesses in the European technology, media and telecoms sector, said it would fund the acquisition with a combination of 251 million pounds ($389.8 million) of new equity, backed by institutional investors, funds from Zegona's recent float and a new debt facility arranged by Goldman Sachs (NYSE: GS-PB - news) .

The announcement comes a few days after Euskaltel (Madrid: EKT.MC - news) agreed an offer for rival cable company R Cable.

Zegona is buying the operator in Asturias, North West Spain, from Carlyle Group and Liberbank.

($1 = 0.6439 pounds) ($1 = 0.9062 euros) (Reporting by Kate Holton, editing by Louise Heavens)