LONDON, Sept 7 Britain's Zegona, set up
to invest in European technology, media and telecoms companies,
hopes to acquire another asset within six months, believing it
can navigate the currency volatility sparked by the vote to
leave the EU.
Zegona, set up by former executives from cable group Virgin
Media to operate a "Buy-Fix-Sell" strategy, acquired Spanish
communications company Telecable in 2015 and failed in a bid
earlier this year to buy Spanish budget mobile operator Yoigo.
The group, run by Chief Executive Eamonn O'Hare, reported an
11 percent increase in first-half cash flow and paid a maiden
dividend on Wednesday after improving operations at Telecable by
reducing costs and increasing the amounts customers pay per
"The chances of doing a deal in the next three or four
months? Definitely possible because there's a few things on our
hit list," O'Hare told Reuters. "But if it isn't within the next
three or four months hopefully something will be landing quite
"We have 15 targets on our long list, we have five on our
short list and Spain is only one of the five. We are very
focused on doing something outside of Spain as well."
O'Hare said the fall in the pound against the euro since
Britain voted to leave the EU would boost the firm as it
translates its euro-denominated earnings back into sterling. The
pound is down around 9 percent against the euro since the June
In the longer term he said the firm would have to think
carefully about the deals it made.
"We need to be very thoughtful as we think about the next
acquisition because currency volatility is on the agenda for
everybody," he said. "There are countries that aren't
necessarily tied to the euro."
(Reporting by Kate Holton; editing by Susan Thomas)