Agur Euskaltel: MoreMóville has awarded 98% of the shares and distributed EUR 27 million among 52 people
- Euskaltel has a new owner: MoreMobile. The Basque Government will maintain "for at least five years" its registered office and tax office in the Basque Country, as it has specified. The company was established 27 years ago, with 100% public money, in exchange for the PNV to allow the president of the Spanish Government, José María Aznar. Currently, three foreign funds are the owners of MoreMobile. The operation will involve the distribution of EUR 27 million in Euskaltel among 52 people, including Fagor Household Appliances.
From now on, Mobile will be the first telephone operator of Hego Euskal Herria, according to Jokin Sagarzazu of Berria, one in three customers.
MoreMorvise has announced that it will work to create jobs and strengthen linkages with the territory. However, the path that the company has taken since José Miguel García is a CEO has been the opposite: Taking workers out of capital gains for shareholders, as explained in the newspaper Expansión. The objective of the shareholders of Euskaltel with this operation has been to raise funds, according to the same newspaper, which he published recently.
For this operation, EUR 27 million will be allocated among the 52 members of the Euskaltel: The CEO, José Miguel García, and the president, Xabier Iturbe, will contribute a total of EUR 675,000 million. In addition, the British fund Zegona will receive 421 million euros; Kutxabank, 390 million; Corporación Alba, 216 million; NN Group, 134.7 million; JP Morgan, 109 million; Magnetar, 108 million; and Abanca, 88 million euros.
The operation, which began on 27 March with the signing of the shareholders, has received the corresponding permits in the coming months, including the Spanish Government. Now, MoreMobile has announced that it will take Euskaltel out of the bag.
Euskaltel was established in 1995 after the PNV approved the investiture of José María Aznar as president of the Government of Spain a.El Basque Government and the savings banks of Álava, Bizkaia and Gipuzkoa contributed 12 billion pesetas, which means 100% public financing of the company and of the fiber optic infrastructure. Following the 2008 crisis, the Basque Government initiated a privatisation process that culminated in the sale of its shares to external companies.
On 1 July 2015, Euskaltel went on the stock exchange and since then Euskaltel has gone into the hands of companies that only intend to make money, distributing several million euros in dividends between the addresses of these companies. Therefore, on August 5, 2021, the Basque telecommunications company has been purchased by MoreMobile.
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