UK investment Fund Zegona will become the main shareholder of the Basque-country-based Euskaltel with a 29.9 per cent stake in the cable operator.

The Fund has announced the acquisition of a 14.9 per cent stake that will give it the control of the company in which it already has a 15 per cent, ahead of Kutxabank with 21 per cent.

The operation is valued at €206.3 million at a price of €7.75 per share.

Euskaltel, with operations in the North of Spain along with R and Telecable, has a total of 400,000 pay TV subscribers.

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