Newly-formed turnround firm Zegona Communications has raised £30m (US$44m) ahead of its AIM listing on the 19th.
Zegona has been set up by two Virgin Media executives and is eyeing a range of potential European telecom acquisition targets which it…
Newly-formed turnround firm Zegona Communications has raised £30m (US$44m) ahead of its AIM listing on the 19th.
Zegona has been set up by two Virgin Media executives and is eyeing a range of potential European telecom acquisition targets which it believes it can buy, fix, and then sell on for profit.
The company has sold 25 million shares for £1.20 apiece and brought on board a number of new investors including Woodford Investment Management, FIL Limited and Hargreave Hale, amongst others.
Initial backer Marwyn Value Investors, an asset manager, emerged as Zegona’s largest shareholder with a 40% stake.
Founders Eamonn O’Hare, Virgin Media’s CFO prior to its takeover by Liberty Global, and Robert Samuelson, previously executive director of group strategy at Virgin Media, now own 6.10% and 3.05% respectively.
JP Morgan acted as joint bookrunner and joint broker on the placement. Oakley Capital was also a joint bookrunner, and Cenkos Securities acted as nominated adviser and joint broker.
Zegona has a longlist of 70 potential network-based communications and entertainment acquisitions across Europe to which it can apply its “buy-fix-sell” strategy. TelecomFinance understands that it plans to buy its first asset, likely a cableco, in the next 18 months.
