Zegona Communications PLC

Zegona Communications PLC is a British investment company listed on the London Stock Exchange that focuses on the European Telecommunications, Media and Technology (TMT) sector. Founded in 2015 by Eamonn O'Hare and Robert Samuelson, both of whom have senior backgrounds at Virgin Media, Zegona describes its strategy as acquiring undervalued network-based communications businesses and improving their performance through strategic realignment and operational improvements in order to deliver attractive shareholder returns. The company is headquartered in London and operates with a small central team, relying on a senior executive group with extensive corporate and business development experience in TMT. Zegona's track record is concentrated in Spain. In July 2015 it acquired Telecable, a Spanish telecommunications service provider in the Asturias region, for €640 million. In August 2017 it received a 15% stake in Euskaltel through the sale of Telecable and appointed a member to Euskaltel's board. In April 2019 Zegona increased its stake to approximately 21%, investing more than £100 million to become Euskaltel's largest shareholder, and initiated a change programme that included the launch of the national Virgin Telco brand. In 2021 MásMóvil announced an offer to acquire Euskaltel at an enterprise value of €3.5 billion, and Zegona agreed to the sale, realising an 87% return on its net invested capital and returning £335 million to shareholders via a return of capital. In October 2023 Zegona announced the acquisition of Vodafone Spain, and on 31 May 2024 it completed the 100% acquisition of Vodafone Spain for €5 billion. Vodafone Spain is a major operator across mobile, high-speed fixed broadband and pay TV, serving both consumer (B2C) and business (B2B) markets with a highly diversified customer base. Zegona has also established a fibre network joint venture with MasOrange in Spain. The company became a member of the Stoxx Europe 600 index in September. Zegona remains an active investor in European TMT, with Vodafone Spain as its principal current investment.

Zegona Communications PLC was founded in 2015 by Eamonn O'Hare and Robert Samuelson, both of whom had previously held senior roles at Virgin Media. The company was established to acquire and operate European TMT assets, with a strategy of acquiring undervalued network-based communications businesses and improving their value through strategic realignment and operational improvements. It is headquartered in London and listed on the London Stock Exchange. Zegona's first major investment came in July 2015, when it acquired Telecable, a Spanish telecommunications service provider in the Asturias region, for €640 million. In August 2017, Zegona received a 15% stake in Euskaltel through the sale of Telecable and appointed one member to Euskaltel's board of directors. In April 2019, Zegona increased its stake from 15% to approximately 21%, investing more than £100 million to become Euskaltel's largest shareholder. Eamonn O'Hare and Robert Samuelson were appointed to Euskaltel's board and initiated a proactive improvement strategy, including the launch of the national Virgin Telco brand. The change programme involved fundamental people changes—a new CEO, a new chairman and strengthened board, a new CFO and senior managers—as well as cost savings and geographical expansion. In 2021, MásMóvil Ibercom, S.A.U., a wholly owned subsidiary of MásMóvil, announced an offer to acquire Euskaltel at an enterprise value of €3.5 billion, at a significant premium to European telecommunications multiples. Zegona agreed to the sale, realising a return on Euskaltel net invested capital of 87% for its shareholders since 2015, and returned £335 million to its shareholders via a return of capital following completion of the acquisition. In October 2023, Zegona announced the acquisition of Vodafone Spain, the Spanish operating business of Vodafone Group. On 31 May 2024, Zegona completed the 100% acquisition of Vodafone Spain for €5 billion. Vodafone Spain is a major operator across mobile, high-speed fixed broadband and pay TV, serving both consumer and business markets with a highly diversified customer base. Zegona has also established a joint venture for fibre networks with MasOrange in Spain. In September, Zegona became a member of the Stoxx Europe 600 index. As of its current investment, Vodafone Spain remains Zegona's principal holding, and the company continues to pursue its strategy of investing in European TMT businesses to deliver attractive shareholder returns.

• Zegona founded by Eamonn O'Hare and Robert Samuelson to acquire and operate European TMT assets.

• Acquired Telecable, a Spanish telecommunications service provider, for €640 million.

• Received 15% stake in Euskaltel through the sale of Telecable and appointed one member to Euskaltel's board.

• Increased stake in Euskaltel from 15% to approximately 21%, investing more than £100 million to become largest shareholder; initiated change programme including launch of Virgin Telco brand.

• MásMóvil announced offer to acquire Euskaltel at an enterprise value of €3.5 billion; Zegona agreed to sale, realising 87% return on net invested capital and returning £335 million to shareholders.

• Announced acquisition of Vodafone Spain.

• Completed 100% acquisition of Vodafone Spain for €5 billion.

• Became a member of the Stoxx Europe 600 index.

Value-oriented investor in European TMT businesses, focused on operational improvement and shareholder returns.

• Vodafone Spain

  Spanish telecom operator providing mobile and fixed line services to consumers and business customers; 100% owned by Zegona since May 2024.

• Fibre network joint venture with MasOrange

  Joint venture for fibre networks in Spain.

1. 1Zegona – Improving business performance to deliver attractive shareholder returnszegona.com
2. 2About us – Zegonazegona.com
3. 3Euskaltel Case Study – Zegonazegona.com
4. 4Corporate Governance and ESG – Zegonazegona.com
5. 5Zegona Communications PLC – Wikidatawikidata.org
6. 6Zegona Communications – Wikipedia (German)de.wikipedia.org