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Euskaltel

Euskaltel at the disposal of a British fund: plans for expansion and risk of job destruction

  • Zegona has become the main shareholder in Euskaltel, the British fund. The telecommunications company has a share of 20.94% and overcomes Kutxabank, which has a share of 19.8% in the capital of Euskaltel.
ARGIA
10 April 2019 - 09:48
Euskaltelen akziodunen batzar bat.

Exceeding the 20% achieved on 3 April and exceeding this percentage, it has had to inform the National Securities Market Commission of its participation in the Euskaltel.

Zegona wants to have a greater presence on the company’s board of directors after purchasing the company. The Jazztel Management Board has announced that so far delegate José Miguel García could enter the company’s management team.

The objective of Zegona is to expand the deployment of Euskaltel in the Spanish State, with a more aggressive plan than the expansion strategy that had been developed so far, with the current intention of Euskaltel to integrate in Navarra, Catalonia, León, Cantabria and La Rioja. For this conquest of Spain, Zegona has reached an agreement with the British Virgin Group for the use of this brand and with Orange for the network it has in the Spanish State.

This enlargement could be accompanied by cuts according to the first information: Zegonak wants to reduce costs and to do so wants to bring together in a single seat the works of the three companies that currently make up the Euskaltel Group. This would mean the dismissal of many of the workers currently working in Euskaltel.

Euskaltel Kutxabank
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