Zegona Communication is an English fund specialising in the telecommunications and technology sector. Since 2017, it is the shareholder of Euskaltel, which currently has the most shares of its operator, with 21.06%.

The British fund controls 23% of the Euskaltel council and therefore has a great influence on the decisions of Euskaltel. He made the proposal shortly: Selling the cable network of Euskaltel. Zegona’s founder and alternate advisor, Eamoon O`Hare, raised the possibility at a meeting with market analysts in London. The fund argues that the proposal would finance the process of cancellation, resources and expansion of Euskaltel's debts.

Part of the network purchased from the Basque Government

Euskaltel used a few years ago, for EUR 3.5 million, the network that the Basque Government has made available to companies and offices. In 2012, however, he went to the critical situation for a couple of accounts: the new regulations affecting banks forced Kutxabank to reduce the number of shares in Euskaltel and paid Orange EUR 22 million after losing the judgment against the French multinational.

The news has reminded us that “in this situation, without a network of its own, it was difficult to find new investors for Euskaltel”. Thus, the then lehendakari, Patxi López, offered the operator the possibility of acquiring the network of the Basque Government for EUR 68 million. The newspaper points out that this was a special sale, since no public tender was made and Parliament's approval was used to continue the sale.