- The operation will entail a disbursement of EUR 32 million for the new owner of Euskaltel Euskadi. MoreMóville has also made changes to its staff and announced that it will keep several of its existing members.
The phone company MoreMobile bought Euskaltel last Tuesday, after acquiring 98% of the shares through a public offer. Shortly after taking control of the Basque company, the multinational has sold its television business.
The deal has been done with the company Agile Content. Euskaltel and its subsidiary R Cable and Telecable have transferred to Euskaltel the service they manage, amounting to EUR 32 million. In total, it is a TV business with half a million customers.
Agile Content has announced that the operation is one more step towards expanding its collaboration with MoreMobile and that it begins "a new stage" with the arrival of the business to the Basque Country. In fact, it is a Catalan company that intends to transfer its headquarters to Bilbao in order to establish a “technological innovation centre” in Bizkaia.
Changes in direction
In addition to the operation, MoreMóvile has had time to make changes in the group of councils of Euskaltel. The multinational shall keep a number of members on its staff: Non-executive President Xabier Iturbe, former Councillor of the Galician Xunta Beatriz Mato and President of Nortegas, Iñaki Alzaga, among others.
The CEO and second vice-president of Inveready, Josep Maria Echarri, will be the Foreign Minister, and the CEO, José Germán López, will also be the third vice-president. MoreMóvile will be chaired by Meinrad Spenger, Delegated Advisor to MoreMobile.