LONDON, May 16 (Reuters) - Spain's Euskaltel said on Tuesday it had bought Telecable from Britain's Zegona for 701 million euros ($771.73 million) to create northern Spain's leading integrated telecoms operator.
Zegona, set up to invest in European technology, media and telecoms companies, bought Telecable in 2015. As part of the sale it will get a 15 percent stake in the combined entity and have one board seat.
"When we acquired Telecable in 2015, we identified the opportunity for substantial value creation through the combination of the three independent northern Spanish cable (companies)," said Eamonn O'Hare, Zegona's chairman and CEO.
$1 = 0.9083 euros Reporting by Kate Holton; editing by Jason Neely