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BRIEF-Euskaltel to buy Telecable from Zegona for 686 mln euros
May 16, 2017 / 5:30 AM / 7 months ago

BRIEF-Euskaltel to buy Telecable from Zegona for 686 mln euros

May 16 (Reuters) - EUSKALTEL SA:

* TO ACQUIRE CONTROL OF TELECABLE DE ASTURIAS SAU THROUGH THE PURCHASE OF 100 PERCENT OF THE SHARE CAPITAL OF PARSELAYA SLU FROM ZEGONA LIMITED

* TELECABLE WAS VALUED AT 686 MILLION EUROS

* THE VALUE OF TELECABLE INCLUDES 245 MILLION EUROS OF ESTIMATED NET DEBT AS OF JUNE 30, 2017, WITH CONSIDERATION CONSISTING OF 186.5 MILLION EUROS PAYABLE IN CASH AND 26.8 MILLION NEWLY ISSUED SHARES OF EUSKALTEL TO BE SUBSCRIBED BY ZEGONA

* ZEGONA TO SUBSCRIBE SHARES OF THE COMPANY AT 9.50 EUROS PER SHARE REPRESENTING 15 PERCENT OF SHARE CAPITAL OF EUSKALTEL

* TRANSACTION EXPECTED TO CLOSE IN THE THIRD QUARTER OF 2017, FOLLOWING CLEARANCE FROM ANTITRUST AUTHORITIES Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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