MásMóvil sells 51% of the Euskaltel network to Bidasoa Aggregator for approximately 580 million euros

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In particular, Euskaltel sold its subsidiary EKT Cable to Bidasoa Aggregator, a consortium of investors including Asúa Inversiones, Beraunberri, Inveready and Onchena.

The MoreMovil Group has a share of the access network of for almost 580 million Euskaltel -the capillary- to a consortium of Basque investors, in particular 51%, as reported in a statement.

In particular, Euskaltel sold its subsidiary EKT wire – new Netco owns half of cable access network – a Bidasoa Aggregatora consortium of investors took part, including by Asúa Investments, Beraunberri, Inveready and Onchena.

In particular, 51% of the last mile of the fiber network it is developing from Euskaltel assets has been sold to a group of Basque family offices and businessmen, including the Ybarra Caregapartners of the company, and the Galindez (Solar Pack).

All partners commit to complement the roll-out of a new fiber network in 1.2 million homes on the footprint of Euskaltel’s cable network in Euskadi, Asturias and Galicia.

The MásMóvil Group will obtain a total of approximately 580 million from the sale of 100% of EKT Cable, of which 500 million will be used to repay debt and Euskaltel itself will reinvest part to acquire a minority share of 49%, “preserving a relevant commitment to the potential of the new Netco”.

The main purpose of the transaction is precisely: cancel a bridging loan of 500 million euros that MásMóvil has subscribed to complete the takeover of Euskaltel last summer.

MásMóvil thus adds investment power to update Euskaltel’s cable network to fiber with the aim of also including XG-PON fiber in its services, enabling speeds of up to 10 Gbps.

Once this operation has been completed, the fourth largest operator in the Spanish market will have concentrated its efforts on completing a agreement with Orange for the merger that would create the leader in customers in the Spanish market.

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Source: EITB

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